AST SpaceMobile, Inc.

What they do

AST SpaceMobile is developing the SpaceMobile Service, a constellation of large phased-array satellites in low Earth orbit intended to provide 2G/4G-LTE/5G cellular broadband directly to everyday smartphones outside terrestrial coverage. It plans to deliver service through revenue-sharing agreements with mobile network operators using MNO-controlled low-band and mid-band spectrum rather than selling directly to consumers. The company also pursues government communications and non-communications applications using the same satellite technology, and operates an IP and patent portfolio covering its architecture.

Revenue drivers

• MNO revenue-sharing (planned SpaceMobile Service) — The core intended model: AST SpaceMobile would share service revenue with MNO partners rather than bill end users directly; the company reports over 60 signed MNO partners covering over 3 billion subscribers, but commercial service has not yet launched.
• U.S. government programs — Agreements with the U.S. government, directly or through prime contractors, for communications and non-communication applications; the Q2 2026 release states revenue backlog includes contract awards with the United States Government as part of approximately $1.30 billion in aggregate contracted revenue.
• Contracted revenue backlog with commercial partners — The company reported approximately $1.30 billion in aggregate contracted revenue with commercial partners and U.S. government contract awards as of the August 10, 2026 update; this is a backlog figure, not recognized revenue.
• Reported revenue to date — Annual revenue was $12.4M in 2021, $13.8M in 2022, $0.00 in 2023, $13.8M in 2024 and $70.9M in 2025; quarterly revenue was $14.7M in Q3 2025, $54.3M in Q4 2025, $14.7M in Q1 2026 and $31.5M in Q2 2026.

Recent performance

Second quarter 2026 revenue was $31.5M, up from $14.7M in the first quarter of 2026 but below the $54.3M reported in Q4 2025, according to the reported quarterly figures. Full-year 2025 revenue was $70.9M against a net loss of $341.9M, following a 2024 net loss of $300.1M on $13.8M of revenue. Operating cash flow was negative in every year shown, including -$71.5M in 2025, though that was the smallest annual outflow in the period presented. As of June 30, 2026, the company reported total assets of $5.85B, total liabilities of $3.46B, shareholder equity of $2.40B, cash and equivalents of $2.29B, and long-term debt of $2.96B.

Strategy

The company is scaling satellite production and deployment, stating BlueBird 17 through BlueBird 46 are in various stages of production and assembly, after launching five Block 1 BlueBird satellites in September 2024. Following the recent orbital launch of BlueBirds 11, 12 and 13, it reports 13 spacecraft in orbit with approximately 20,000 square feet of combined aperture hardware deployed, and says it is preparing to ship BlueBirds 14, 15 and 16 and initiate beta services with select strategic partners. It is pursuing a spectrum strategy combining shared MNO spectrum with controlled MSS spectrum, targeting roughly 100 MHz of access in the U.S. and 60+ MHz globally on a market-by-market basis, supported by Ligado mid-band usage rights and an acquired S-Band ITU priority rights entity. It also cites a proprietary ASIC with up to 10 GHz of processing bandwidth per satellite, described as enabling 10x throughput improvement over Block 1 satellites.

Risks

• Service still in development — The company states the SpaceMobile Service is in development and may not be completed on time or at all, and that associated costs may exceed expectations.
• Financing needs — Management states it may not be able to raise additional funds for continued operations, for initiating the SpaceMobile Service, or for the Ligado transaction on favorable terms or at all.
• History of losses — The company discloses a history of losses and states it may never become profitable, with net losses of $341.9M in 2025 and $300.1M in 2024.
• MNO and spectrum dependence — The company states it will rely on MNOs and requires regulatory approvals to access the spectrum needed to provide SCS service.

Outlook

Management describes a broad addressable market spanning consumer connectivity, government communications and non-communications, radar, emergency response, Internet of Things and AI edge compute. It says Block 2 satellites are expected to deliver peak data rates approaching 200 Mbps, with space-based cellular broadband recently demonstrated at nearly 100 Mbps on a Block 1 BlueBird. The company states it is preparing to initiate beta services with select strategic partners and continues scaling its network, advancing vertical integration and securing additional access to orbit.