AST SpaceMobile, Inc. (ASTS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$115.3M

Revenue growth

2265.6%

Net income, last twelve months

-$618.8M

Earnings per share

-$2.14

Net margin

-536.7%

Free cash flow

-$1.6B

Return on equity

-25.8%

Market value

$12.7B

Cash

$2.3B

Debt

$3.0B

Debt to equity

1.24

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 10 August 2026.

• Quarterly revenue rose to $31.5 million. Revenue was $31.5 million, against $1.2 million a year earlier: products $24.4 million and services $7.1 million. Management tied it to gateway deliveries and government milestones.
• Net loss widened year on year. Net loss attributable to common stockholders was $230.9 million, or $0.77 per Class A share, against $99.4 million a year earlier.
• Six-month revenue reached $46.3 million. Revenue for the six months ended June 30, 2026 was $46.3 million, against $1.9 million a year earlier. Services revenue for the six months was $8.4 million.
• Thirteen satellites now in orbit. Six spacecraft, BlueBird 8 to 13, launched within 50 days, bringing the network to 13 satellites with about 20,000 square feet of combined aperture hardware.
• ASIC targets tenfold throughput gain. Management said a proprietary ASIC with up to 10 GHz of processing bandwidth per satellite enables 10x throughput relative to Block 1, with AI-enabled spectrum management.
• Next satellites ready and in production. BlueBirds 14, 15 and 16 are to ship shortly. BlueBird 17 through 46 are in various stages of production and assembly.
• Gateway build-out near 50 sites. Nearly 50 gateways are in various stages of completion, installation and planning ahead of service, as the global gateway footprint is built out.
• Over 60 MNO partners signed. Partnerships are signed with more than 60 mobile network operators, which collectively cover over 3 billion subscribers. The company describes this as a partner-first strategy.
• European integration work under way. Integration and testing are under way with Vodafone, Orange, Telefónica, Vodafone Ukraine and Deutsche Telekom across European countries. Canada, Japan and Saudi Arabia are also named.
• Federal emergency work with FirstNet. Federal communications work covers FirstNet in the United States and Japan, and most recently Vodafone Ireland in Europe, using dedicated emergency spectrum bands.
• Backlog rose to about $1.30 billion. Backlog combines contracted revenue from commercial partners and U.S. Government contract awards. The release gives no prior-quarter backlog figure.
• Government awards exceed $125 million. Multiple U.S. Government awards together exceed $125 million, supporting several national-security applications, according to the release.
• Named applications beyond consumer calls. Named application areas include non-communications uses, USG secure communications, additional funded networks, IoT, federal emergency response and AI edge compute.
• Operating expenses rose $165.0 million. Total operating expenses were $329.1 million, up from $164.1 million in the first quarter. Drivers were the $125.9 million involuntary-conversion loss, a $20.3 million G&A increase and an $11.9 million cost-of-revenue increase.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 126 held.

Every filing

The newest filings with the SEC of 263 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

858 funds held it at 30 Jun 2026: 514 added and 140 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• EchoStar Corp. (ECHO): revenue $14.7B, market value $33.2B
• Viasat Inc. (VSAT): revenue $4.6B, market value $10.8B
• Iridium Communications Inc. (IRDM): revenue $903.0M, market value $4.9B
• Calix, Inc. (CALX): revenue $1.1B, market value $2.4B
• Cogent Communications Holdings, Inc. (CCOI): revenue $957.2M, market value $391.3M

What the company does

AST SpaceMobile is building a network of satellites in low Earth orbit (LEO) that it designs to deliver cellular broadband directly to standard smartphones. It calls this the SpaceMobile Service and intends to sell it through mobile network operators (MNOs) to people outside terrestrial coverage. The company is headquartered in Texas and employed approximately 1,126 people at 31 December 2025. It says it has partnerships with over 50 MNOs that together have nearly 3 billion subscribers. The SpaceMobile Service has not launched and has not yet generated revenue.

What it is building

The company's BlueBird (BB) satellites consist of a phased array and a spacecraft bus. The phased array is made of building blocks called microns, each holding antennas, front-end modules, a digital processing unit and a power system. Five Block 1 BB satellites were launched on 12 September 2024. The first Block 2 satellite, BB6, was launched on 23 December 2025. It carries a phased array of up to approximately 2,400 square feet, more than three times the size of the Block 1 array, and is designed for up to 10 times the bandwidth capacity of Block 1.

The company has designed its own chip, the AST5000 ASIC. Until it is introduced, Block 2 satellites are built with an FPGA chip. The company plans noncontinuous service in targeted markets with 25 BB satellites. It says continuous coverage in key markets such as the United States, Europe and Japan would need approximately 45 to 60 satellites, and its long-term goals would need approximately 90.

How it plans to earn money

- Day Pass - Monthly Add-on Subscription for consumers - Monthly Add-on Subscription for enterprises - Standalone Get Connected Plan - Aeronautical and Maritime - Military and Government

Products revenues are sales of gateway equipment, software and related services to MNOs. Services revenues come from performance obligations under agreements with the United States government, either directly or through prime contractors. Traffic from the satellites reaches ground station gateways over Q/V-band links, and these gateways are collocated with MNO network infrastructure.

Who it sells to

The company has definitive commercial agreements with AT&T, Verizon, STC and Vodafone, and approximately 50 preliminary agreements and understandings with other MNOs.

- AT&T: the continental United States (excluding Alaska) and Hawaii. - Verizon: the same area, starting in 2026. - STC: a ten-year agreement covering Saudi Arabia and key regional markets. - SatCo: a jointly owned European satellite service business with Vodafone, which holds a reseller agreement to distribute the service to MNOs in Europe, the UK and certain other markets. - Vodafone: direct service to its end users outside the SatCo markets.

On the government side, the company has a contract with the Space Development Agency through a prime contractor, a direct Europa Track 2 agreement with the same agency, and an IDIQ award under the Missile Defense Agency's SHIELD program.

Spectrum and licences

The service relies on radio spectrum, which is regulated by the Federal Communications Commission (FCC) in the United States and by the International Telecommunication Union (ITU) for satellite filings. The FCC gave the company an initial licence in August 2024 for five satellites. In August 2025 it authorised 20 additional satellites. The company describes a planned 248-satellite non-geostationary constellation.

Where it makes things

Final assembly, integration and testing takes place in Texas in facilities of approximately 450,000 square feet.

- a facility of approximately 30,000 square feet in Florida for batteries, propulsion systems and solar panels; - a 59,000 square foot facility in Spain for avionics; - a facility of approximately 37,000 square feet in Israel for electronic components.

Engineering centers operate in the United States, India and Scotland. The company says it owns the IP and controls manufacturing for approximately 95% of the sub-systems in Block 2 satellites. Some components still come from a sole source supplier or a limited group of suppliers. It reports that it has completed investments to assemble, integrate and test up to six Block 2 satellites per month. It has launch agreements with multiple providers covering over 60 Block 2 satellites. Its intellectual property portfolio holds approximately 3,850 patent and patent pending claims across 38 patent families.

Competition and people

The company names SpaceX's Starlink as a competitor in direct-to-device service, along with Inmarsat, Globalstar, Thuraya, Iridium and Skylo. It says some existing mobile satellite services are designed for low data rate uses such as SOS. It also competes with regional satellite operators, very small aperture terminal operators and terrestrial networks.

Of the approximately 1,126 employees, approximately 708 are in the United States and approximately 418 are elsewhere, mainly in Scotland, Spain, India and Israel. None of the United States employees are covered by a collective bargaining agreement.

*From AST SpaceMobile's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1780312/000178031226000006/asts-20251231.htm)*

From the company's 10-K.