Communication Services · NASDAQ: ASTS
AST SpaceMobile: how the business works
AST SpaceMobile is building satellites designed to connect ordinary smartphones from space, with revenue of $70.9 million and a net loss to common stockholders of $341.9 million in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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AST SpaceMobile, Inc. · Midland, Texas
Updated for Q2 FY2026 · checked
- Revenue, FY2025
- $70.9M
- Net loss to common stockholders, FY2025
- −$341.9M
- Spacecraft in orbit, Aug 10, 2026
- 13
- Employees, Dec 31, 2025
- About 1,126
- Votes held by founder Abel Avellan, Apr 22, 2026
- 71.6%
The short version
AST SpaceMobile in 5 points
1 · What it sells
AST SpaceMobile sells gateways and software to phone companies and contract work to the US government while it builds a satellite phone network, with revenue of $70.9 million in FY2025.
2 · Who pays it
No filing splits revenue by customer, but in FY2025 phone companies paid 62.6% for gateways and software and US government work paid 37.4%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, the loss to common stockholders was $284.6 after non-operating charges; the operating loss alone was $287.7 million.
4 · Where the operating profit comes from
AST SpaceMobile has no operating profit: it reports one segment, and FY2025 operating costs of $358.6 million against revenue of $70.9 million gave an operating loss of $287.7 million.
5 · The one thing to watch
13 spacecraft were in orbit at Aug 10, 2026, against the company's target of about 45 satellites in orbit in early 2027.
Sources: From AST SpaceMobile's FY2025 10-K, Q2 FY2026 10-Q, Q2 FY2026 earnings release and presentation · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of AST SpaceMobile's money go?
AST SpaceMobile · FY2025
Receipt for every $100
| Cost of revenues | $29.3 |
|---|---|
| Engineering services | $118.6 |
| Administration and research | $108.0 |
| Depreciation and amortization | $42.5 |
| Interest, warrant loss, note-conversion charge and tax | $185.2 |
| Borne by other AST LLC unit holders (reduced the loss) | −$99.1 |
| Loss to common stockholders (costs above money in) | −$284.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $70.9 million plus interest income of $49.2 million). The cost lines add to more than $100, so the last line is a loss. Measured on revenue alone, the operating loss was $405.7 per $100. Stock-based pay ($47.5 million) sits inside the cost lines.
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02The business in one line
What does AST SpaceMobile do?
Phone companies and the US government pay AST SpaceMobile for ground equipment and contract work while it builds a satellite phone network; costs were about five times revenue in FY2025, and share sales and notes cover the losses.
- FY2025 revenue was $70.9 million: $44.4 million from gateway equipment and software sold to phone companies, and $26.5 million from US government contract milestones.
- Operating costs were $358.6 million, led by engineering services at $142.5 million. That left an operating loss of $287.7 million.
03Who pays it
Who pays AST SpaceMobile?
Mobile network operators (phone companies)
63%
of revenue
$44.4 million of products revenue in FY2025, or 62.6% (Cityfort calculation from the FY2025 10-K), for gateways, software and related services. The company said on Aug 10, 2026 that it has over 60 phone company partners.
US government agencies, directly or through prime contractors
37%
of revenue
$26.5 million of services revenue in FY2025, or 37.4% (Cityfort calculation from the FY2025 10-K), from contract milestones.
- Mobile network operators (phone companies)63%
- US government agencies, directly or through prime contractors37%
How spread out the customers are
AST SpaceMobile gives no revenue split by customer; the 10-K says its customers had high credit ratings. Revenue from SatCo, its joint venture with Vodafone, was $2.1 million in FY2025 and $9.8 million in the first half of FY2026.
04Why it makes money
Why does AST SpaceMobile make money?
AST SpaceMobile spends ahead of revenue: the satellites must be built and launched before the phone service it plans to sell can earn money.
Most costs are engineering, staff, satellites and launches, spent before any service revenue. Revenue so far comes from gateways and government work. The company says about 45 to 60 satellites give continuous service in the US, Europe, Japan and other markets.
Operating profit per $100 of revenue
−$5,494.8−$405.7
FY2024 to FY2025
- Build large BlueBird satellites: about $21.0 million to $23.0 million each with launch, the company estimates
- Launch them: 13 spacecraft were in orbit at Aug 10, 2026
- About 25 satellites give non-continuous service; about 45 to 60 give continuous service in key markets, the company says
- Phone companies sell the service to their subscribers and share the revenue
- That revenue would have to cover engineering, administration, research and depreciation: $323.4 million in FY2025
- Until then, notes and share sales pay for losses: free cash flow was an outflow of $1,136.3 million in FY2025
↺ Step 6 feeds back into step 1.
05The numbers · Consolidated · US$
How has AST SpaceMobile done?
Revenue
$70.9MFY2025
FY2021 and FY2022 revenue came from NanoAvionika, a subsidiary in which a 51% stake was sold in 2022; revenue was zero in FY2023, then rose from $4.4 million in FY2024 to $70.9 million in FY2025.
US$
See the numbers
Net profit
−$342MFY2025
The loss to common stockholders grew every year to $341.9 million in FY2025; consolidated net loss, $461.0 million, was larger because other AST LLC unit holders bear part of it.
US$
See the numbers
Profit kept per $100 of revenue
−$482.2FY2025
Loss to common stockholders per $100 of revenue was $482.2 in FY2025; earlier years are not shown because revenue was zero, very small, or from the subsidiary sold in 2022.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$1.1BFY2025
Free cash flow was an outflow every year, $1,136.3 million in FY2025 as capital spending rose to $1,064.7 million, and stock-based pay was $47.5 million, 67.0% of revenue.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; fiscal quarters are calendar quarters). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Consolidated net loss was $461.0 million, including a $99.7 million non-cash charge for inducing note conversions; $119.1 million of it belongs to other holders of AST LLC units.
Download AST SpaceMobile's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (15)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal year 2021 (year ended Dec 31, 2021)
- Form 10-K, fiscal year 2024 (year ended Dec 31, 2024)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024)
- Q4 and full year 2024 business update and results (8-K Ex. 99.1)
- Q4 and full year 2025 business update and results (8-K Ex. 99.1)
- Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025)
- Q1 2026 business update and results (8-K Ex. 99.1)
- Q2 2026 business update and results (8-K Ex. 99.1)
06Who runs it
Who runs AST SpaceMobile, and did they deliver?
Abel Avellan
Chairman and Chief Executive Officer
Holds all Class C shares, with 71.6% of the votes at Apr 22, 2026. Entities he controls have entered two variable prepaid forward contracts, over AST LLC units and Class A shares.
Andrew M. Johnson
Chief Financial Officer and Chief Legal Officer
Signed a new three-year employment agreement on Oct 14, 2026, with a base salary of at least $250,000.
What they said, and what happened
1 delivered · 2 missed · 2 too early to tell
Said on May 12, 2025
The company said it expected a second half 2025 revenue opportunity of $50.0 million to $75.0 million.
DeliveredWhat happened
Second-half 2025 revenue was $69.0 million: $14.7 million in Q3 and $54.3 million in Q4.
Said on Aug 11, 2025
The company said in its Aug 11, 2025 release that it was anticipating at least five orbital launches by the end of Q1 2026.
MissedWhat happened
The FY2025 10-K reports one Block 2 launch, BlueBird 6 on Dec 23, 2025. The next, BlueBird 7, launched on Apr 19, 2026 and was lost.
Said on Aug 11, 2025
The company said in its Aug 11, 2025 release that it was preparing to deploy nationwide intermittent service in the United States by the end of 2025.
MissedWhat happened
The Q2 FY2026 10-Q says SpaceMobile Service had not launched at Jun 30, 2026. The Aug 10, 2026 release says the company is preparing to start beta services.
Said on Mar 2, 2026
The company gave a goal of 45 to 60 satellites in orbit by the end of 2026.
Too early to tellWhat happened
After BlueBird 7 was lost, it targeted about 45 by the end of 2026 (Apr 20). Its Aug 10 presentation gives about 45 in early 2027, with 13 spacecraft in orbit.
Said on May 11, 2026
The company gave full year 2026 revenue guidance of $150.0 million to $200.0 million.
Too early to tellWhat happened
It said on Aug 10, 2026 it was on track. Revenue for the first half of 2026 was $46.3 million.
Sources (13)
- Definitive proxy statement, 2026 annual meeting
- Schedule 13D/A (Amendment No. 18), Abel Avellan
- Form 8-K filed Oct 20, 2026: CFO and CLO employment agreement
- Q1 2025 business update and results (8-K Ex. 99.1)
- Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025)
- Q4 and full year 2025 business update and results (8-K Ex. 99.1)
- Q2 2025 business update and results (8-K Ex. 99.1)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 8-K filed Apr 20, 2026: BlueBird 7 launch statement (Ex. 99.1)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Q2 2026 business update and results (8-K Ex. 99.1)
- Q2 2026 business update presentation (8-K Ex. 99.2)
- Q1 2026 business update and results (8-K Ex. 99.1)
07What could go wrong
What could go wrong for AST SpaceMobile?
- Execution
The phone service has not launched
SpaceMobile Service had not launched at Jun 30, 2026 and had earned no revenue. The 10-K says it may be late, cost more than expected, or not be completed.
Watch The start of beta and commercial service, and the first revenue shared by phone companies.
- Cash and liquidity
Losses need a lot of outside money
Free cash flowCash from operations minus spending on buildings and equipment. Learn more was an outflow of $1,136.3 million in FY2025 and $694.8 million in Q2 FY2026. The 10-K says the company needs significant additional capital and may not get it on good terms.
Watch Cash and cash equivalents, $2,288.3 million at Jun 30, 2026, in the Q3 FY2026 10-Q.
- Technology
Launches can fail
BlueBird 7 was placed in too low an orbit on Apr 19, 2026 and was de-orbited. The loss was $125.9 million after $32.5 million of insurance; the 10-K says insurance does not cover everything.
Watch Satellites in orbit against the target of about 45 in early 2027.
- Governance
One person controls the votes
Abel Avellan's Class C shares carried 71.6% of the votes at Apr 22, 2026, with about 20.2% of all shares (Cityfort calculation from the 2026 proxy). Class C keeps up to 10 votes a share until a sunset date.
Watch Changes in Class C holdings, and the prepaid forward contract settling in March 2028.
- Other
Share count keeps rising
Class A shares rose from 90.2 million at Dec 31, 2023 to 299.8 million at Aug 6, 2026. The 10-K says dilution from share sales, warrants and note conversions may be substantial.
Watch The Class A share count on each 10-Q cover.
- Debt
Debt has grown quickly
Debt principal was $3,022.2 million at Jun 30, 2026, up from $167.5 million at Dec 31, 2024. In July 2026 the company sold $1.0 billion more of convertible notes due 2034.
Watch Total debt in the Q3 FY2026 10-Q.
- Regulation
Spectrum depends on deals and approvals
The Ligado spectrum deal has not closed and needs regulatory approvals; $520 million has been paid. The service also relies on phone companies' spectrum and on regulators' approvals.
Watch Regulatory approval and closing of the Ligado transaction.
- Competition
Competition from SpaceX's Starlink
The 10-K names Starlink, which is developing direct-to-device service with low Earth orbit satellites. It says many competitors have significantly greater resources.
Watch New phone company agreements, and the partner count the company reports: over 60 at Aug 10, 2026.
Sources (9)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 8-K filed Apr 20, 2026: BlueBird 7 launch statement (Ex. 99.1)
- Q2 2026 business update presentation (8-K Ex. 99.2)
- Definitive proxy statement, 2026 annual meeting
- Schedule 13D/A (Amendment No. 18), Abel Avellan
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 8-K filed Jul 20, 2026: 1.625% convertible senior notes due 2034 and capped calls
- Q2 2026 business update and results (8-K Ex. 99.1)
08Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from $4.4 million in FY2024 to $70.9 million in FY2025, and second-half 2025 revenue of $69.0 million was inside the range the company gave on May 12, 2025.
- Remaining performance obligations were about $1.2 billion at Jun 30, 2026, and phone companies' advance payments were most of $227.0 million of contract liabilities at Dec 31, 2025.
- Cash and cash equivalents were $2,288.3 million at Jun 30, 2026, before $1.0 billion of notes sold in July.
- Vodafone and American Tower hold Class B shares, and Vodafone, American Tower and AT&T may each nominate a director.
- 13 spacecraft were in orbit at Aug 10, 2026, after BlueBirds 8 to 13 launched in June and August 2026.
What critics point to
- SpaceMobile Service had not launched at Jun 30, 2026, and the US service the company said was being prepared for the end of 2025 had not started.
- The loss to common stockholders was $341.9 million in FY2025, and free cash flow was an outflow of $1,136.3 million.
- The satellite target moved from 45 to 60 by the end of 2026 to about 45 in early 2027.
- Class A shares rose from 208.2 million at Dec 31, 2024 to 299.8 million at Aug 6, 2026.
- The 10-Q expects only 6.6% of remaining performance obligations to turn into revenue within 12 months of Jun 30, 2026.
09What to watch next
What should you watch next at AST SpaceMobile?
Next event
Q3 FY2026 results
Date not announced yet.
Q3 FY2026 results
The Q3 FY2026 release and 10-Q were not on EDGAR as of Nov 7, 2026. Last year's Q3 results came on Nov 10, 2025.
The 2026 revenue range
The company gave $150.0 million to $200.0 million on May 11, 2026 and said on Aug 10 it was on track. First-half revenue was $46.3 million.
Satellites in orbit
13 spacecraft were in orbit at Aug 10, 2026. The company's target is about 45 in early 2027.
Service launch and spectrum
Watch for the start of beta service in the US and the closing of the Ligado spectrum deal, which needs regulatory approvals.
10Key dates
What are the key dates for AST SpaceMobile?
| Event | Date | Source |
|---|---|---|
| Q3 FY2026 resultsNot on EDGAR as of Nov 7, 2026. The Q3 FY2025 results came on Nov 10, 2025. | Not yet stated | EDGAR filing list, AST SpaceMobile, Inc. (CIK 0001780312); Q3 2025 business update and results (8-K Ex. 99.1) |
| Abel Avellan's second variable prepaid forward contract settlesThe Schedule 13D/A filed Jun 23, 2026 gives March 2028, for up to 2,500,000 Class A shares. | Not yet stated | Schedule 13D/A (Amendment No. 18), Abel Avellan |
| 2.375% convertible notes due 2032 mature$325.0 million of principal was outstanding at Jun 30, 2026. | Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) | |
| 1.625% convertible notes due 2034 mature$1.0 billion base amount, per the 8-K filed Jul 20, 2026. | Form 8-K filed Jul 20, 2026: 1.625% convertible senior notes due 2034 and capped calls |
Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027
Sources (5)
11Key facts
Key facts about AST SpaceMobile
- What does AST SpaceMobile do?
- AST SpaceMobile is building a network of large satellites in low Earth orbit designed to give cellular broadband to everyday smartphones outside land-based coverage. AST SpaceMobile had revenue of $70.9 million in FY2025 (calendar 2025) and about 1,126 employees at Dec 31, 2025.
- How does AST SpaceMobile make money?
- In FY2025 AST SpaceMobile earned $44.4 million from gateway equipment and software sold to phone companies and $26.5 million from US government contract milestones. Its planned SpaceMobile Service had not launched and had earned no revenue by Jun 30, 2026.
- What is AST SpaceMobile's business model?
- AST SpaceMobile plans to sell its satellite service to mobile network operators on a revenue-share basis, and the operators offer it to their own subscribers. AST SpaceMobile's FY2025 10-K says the company believes this avoids competing with phone companies and reduces marketing, billing and customer support costs.
- Is AST SpaceMobile profitable?
- No. AST SpaceMobile reported a net loss to common stockholders of $341.9 million in FY2025 and $230.9 million in Q2 FY2026. AST SpaceMobile's FY2025 operating loss was $287.7 million, and it reported a net loss in every year from FY2021 to FY2025.
- What is AST SpaceMobile's revenue by segment?
- AST SpaceMobile reports one business segment. AST SpaceMobile's FY2025 revenue of $70.9 million split into products, $44.4 million or 62.6%, and services, $26.5 million or 37.4% (Cityfort calculation from the FY2025 10-K).
- What does AST SpaceMobile sell to phone companies?
- AST SpaceMobile sells gateway equipment, software and related services to mobile network operators; gateways are ground stations that link a phone network to the satellites. AST SpaceMobile's products revenue was $44.4 million in FY2025, up from $0.5 million in FY2024, and $24.4 million in Q2 FY2026.
- What does AST SpaceMobile do for the US government?
- AST SpaceMobile earns services revenue from milestones under US government agreements, signed directly or through prime contractors. AST SpaceMobile's services revenue was $26.5 million in FY2025, up from $3.9 million in FY2024.
- What are AST SpaceMobile's BlueBird satellites?
- BlueBird satellites are the large phased-array satellites AST SpaceMobile launches for its network; the Block 2 design has an array of up to about 2,400 square feet. AST SpaceMobile had 13 spacecraft in orbit at Aug 10, 2026, the company said.
- Who are AST SpaceMobile's customers?
- AST SpaceMobile's customers are mobile network operators, which buy gateways and software, and US government agencies, which pay contract milestones. AST SpaceMobile does not disclose revenue by customer; FY2025 revenue from SatCo, its joint venture with Vodafone, was $2.1 million.
- Who owns AST SpaceMobile?
- Founder and CEO Abel Avellan held all of AST SpaceMobile's Class C shares and 71.6% of its votes at Apr 22, 2026, per the 2026 proxy. BlackRock reported 5.4% and Vanguard Capital Management 5.11% of AST SpaceMobile's Class A shares in Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings for Sep 30, 2026.
Sources (6)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Q2 2026 business update and results (8-K Ex. 99.1)
- Definitive proxy statement, 2026 annual meeting
- Schedule 13G, BlackRock, Inc. (event Sep 30, 2026)
- Schedule 13G, Vanguard Capital Management (event Sep 30, 2026)
Terms on this page
- Backlog
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Remaining performance obligations (RPO)
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does AST SpaceMobile sell?
SpaceMobile Service (in development)
A planned cellular broadband service from large satellites in low Earth orbit, using phone companies' spectrum and existing unmodified handsets. It had not launched and had earned no revenue at Jun 30, 2026.
Gateways and software for phone companies
Gateway equipment (ground stations that link a phone network to the satellites), software and related services. Products revenue was $44.4 million in FY2025, up from $0.5 million in FY2024.
Work for the US government
Milestone payments under US government agreements, signed directly or through prime contractors. Services revenue was $26.5 million in FY2025, up from $3.9 million in FY2024.
Think of it like this
The satellites are meant to act like very tall cell towers: a phone company's customers would connect to them with the phones they already own.
What it does
- Does: Designs its own large phased-array satellites, with 38 patent families at Dec 31, 2025
- Does: Plans to sell the service through phone companies and share the revenue with them
- Does: Sells gateways and software to phone companies, $44.4 million in FY2025
What it does not do
- Does not: Does not sell phones or phone plans to consumers; the 10-K describes selling through phone companies
- Does not: Does not need special phones: the 10-K says the service is designed for existing unmodified handsets
- Does not: Does not yet earn money from the satellite service: it had not launched at Jun 30, 2026
- Does not: Does not show any dividend paid in its FY2021 to FY2025 cash flow statements
13How the money flows
13How the money flows · FY2025
How does money flow through AST SpaceMobile?
Money in
- Revenue (gateway products $44.4M, government services $26.5M)$70.9M
- Interest income$49.2M
The company
AST SpaceMobile
$120M came in
Money out
- Cost of revenues (gateways and contract work, before depreciation)$35.2M
- Engineering services$143M
- General and administrative ($101.7M) and research and development ($28.1M)$130M
- Depreciation and amortization$51.1M
- Interest ($36.1M), warrant revaluation loss ($68.2M), other expense ($114.4M, mostly a $99.7M note-conversion charge) and tax ($3.9M)$223M
- Share of the loss borne by other holders of AST LLC units (reduced the loss)−$119M
- Net loss to common stockholders−$342M
- Customers paid $70.9 million in FY2025, and interest on cash added $49.2 million.
- Cost of revenues took $35.2 million and engineering services $142.5 million.
- Administration and research took $129.8 million and depreciation $51.1 million, for an operating loss of $287.7 million.
- Interest, a warrant revaluation loss, a $99.7 million non-cash charge for inducing note conversions, and tax added $222.5 million.
- Other holders of AST LLC units bore $119.1 million, so the loss to common stockholders was $341.9 million.
14What it needs to run
14What it needs to run
What does AST SpaceMobile need to run?
Satellites and launches
A risk-factor update filed Feb 11, 2026 estimates about $21.0 million to $23.0 million per Block 2 satellite, for materials and launch. Capital spending was $1,064.7 million in FY2025.
Spectrum
The service uses low- and mid-band spectrum controlled by phone companies. The company also agreed to buy rights to up to 45 MHz of Ligado's spectrum in the US and Canada; that deal has not closed.
Phone company partners
Phone companies would sell the service to their subscribers. Advance payments from them were most of the $227.0 million of contract liabilities at Dec 31, 2025.
People and facilities
About 1,126 employees at Dec 31, 2025 (708 in the US), and about 450,000 square feet of facilities. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $47.5 million in FY2025.
Outside money
Free cash flow was an outflow of $1,136.3 million in FY2025. Financing brought in $3,827.5 million that year, from notes, loans and share sales.
15Competitors and what protects it
15Competitors and what protects it
Who does AST SpaceMobile compete with?
SpaceX (Starlink)
NASDAQ: SPCX
The 10-K says Starlink is developing low Earth orbit satellite technology to compete in direct-to-device service, the same part of the market AST SpaceMobile targets.
Iridium Communications
Named in the 10-K among existing providers that offer a range of mobile and fixed satellite communications.
Globalstar
Named in the 10-K among existing providers that offer a range of mobile and fixed satellite communications.
Inmarsat
Named in the 10-K among existing providers that offer a range of mobile and fixed satellite communications.
Skylo
Named in the 10-K among existing providers that offer a range of mobile and fixed satellite communications.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Patents3 of 5
AST SpaceMobile had 38 patent families at Dec 31, 2025, with about 3,850 patent and pending claims, about 1,900 of them granted or allowed.
- Phone company partners3 of 5
The company said on Aug 10, 2026 it has over 60 phone company partners. Vodafone, American Tower and AT&T may each nominate a director.
- Spectrum rights2 of 5
Spectrum intangibles were $245.1 million at Dec 31, 2025, and the company holds S-band priority rights. The Ligado L-band deal has not closed.
- Satellites in orbit1 of 5
13 spacecraft were in orbit at Aug 10, 2026. The company says about 45 to 60 are needed for continuous service in its first markets.
Weak spot
The phone service has not launched
SpaceMobile Service had not launched at Jun 30, 2026 and had earned no revenue. The 10-K says many competitors have significantly greater resources.
16Where growth could come from
16Where growth could come from
Where could AST SpaceMobile's growth come from?
The company said on Aug 10, 2026 that it was on track for full year 2026 revenue guidance of $150.0 million to $200.0 million; first-half revenue was $46.3 million. Its presentation that day gave a target of approximately 45 satellites in orbit in early 2027.
Launching SpaceMobile Service
BehindNot launched at Jun 30, 2026
On Aug 11, 2025 the company said it was preparing US intermittent service by the end of 2025. On Aug 10, 2026 it said it was preparing to start beta services, with 3,000 digital cells activated across the continental US.
Status: Behind, behind the company's own plan.
Putting satellites in orbit
Behind13 spacecraft in orbit at Aug 10, 2026
The target was 45 to 60 satellites by the end of 2026 on Mar 2, about 45 by the end of 2026 on Apr 20, and about 45 in early 2027 on Aug 10.
Status: Behind, behind the company's own plan.
Gateways for phone companies
Working$44.4M of products revenue in FY2025
Up from $0.5 million in FY2024. Products revenue was $24.4 million in Q2 FY2026.
Status: Working, on track against what the company said.
US government work
Working$26.5M of services revenue in FY2025
Up from $3.9 million in FY2024, from milestones under US government agreements. Services revenue was $7.1 million in Q2 FY2026.
Status: Working, on track against what the company said.
Ligado L-band spectrum
Early$520M paid by Mar 31, 2026
$420 million on Oct 31, 2025 and $100 million on Mar 31, 2026. The deal needs regulatory approvals and has not closed.
Status: Early, too early to judge.
Europe through SatCo
New$9.8M of revenue from SatCo in the first half of FY2026
SatCo, a Luxembourg joint venture with Vodafone formed in July 2025, is to distribute the service in Europe. It buys gateways from AST SpaceMobile.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (7)
- Q2 2026 business update and results (8-K Ex. 99.1)
- Q2 2026 business update presentation (8-K Ex. 99.2)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Q2 2025 business update and results (8-K Ex. 99.1)
- Q4 and full year 2025 business update and results (8-K Ex. 99.1)
- Form 8-K filed Apr 20, 2026: BlueBird 7 launch statement (Ex. 99.1)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
17The company's own measures (non-GAAP)
17The company's own measures · Q4 FY2025 and Q2 FY2026
What do AST SpaceMobile's own measures show?
Official (GAAP): Total operating expenses, Q4 FY2025
$127M
Company's own measure: Adjusted operating expenses, Q4 FY2025
$95.7M
The company's measure leaves out depreciation and amortization and stock-based pay.
Official (GAAP): Total operating expenses, Q2 FY2026
$329M
Company's own measure: Adjusted operating expenses, Q2 FY2026
$119M
Same definition; from Q2 FY2026 it also leaves out the $125.9 million loss on BlueBird 7.
Official (GAAP): Remaining performance obligations, Jun 30, 2026
$1.2B
Company's own measure: Revenue backlog, Jun 30, 2026
$1.3B
The company states backlog as about $1.30 billion and remaining performance obligationsSigned contracts with customers that have not been billed yet. as about $1.2 billion. The 10-Q expects 6.6% of the latter within 12 months, and it leaves out phone companies' revenue share.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
18Financial strength and debt
18Financial strength · Jun 30, 2026
How much debt does AST SpaceMobile have?
- Total debt$3.0B
- Cash and investments$2.3B
- Net debt (debt minus cash)$734M
- Net worth (shareholders' money)$2.4B
- Debt to equity
- 1.26×
- $ of debt for every $1 of shareholders' money
- Net debt of $733.9 million is a Cityfort calculation from the Q2 FY2026 10-Q: debt principal less cash and cash equivalents. It leaves out $434.6 million of restricted cash, most of it tied to the UBS bridge loan for the Ligado deal.
- At Dec 31, 2025 cash and cash equivalents of $2,335.7 million exceeded debt principal of $2,264.4 million by $71.2 million (Cityfort calculation from the FY2025 10-K).
- Debt at Jun 30, 2026 included convertible notes of $1,150.0 million at 2.00% and $1,075.0 million at 2.25%, both due 2036, and $325.0 million at 2.375% due 2032, plus a $420.0 million UBS bridge loan.
- After the quarter, an 8-K filed Jul 20, 2026 reported $1.0 billion of 1.625% convertible notes due 2034, with an option for $150 million more. The Q2 FY2026 release says $1.150 billion was raised in July.
- Equity of $2,397.6 million includes $503.6 million belonging to other holders of AST LLC units (noncontrolling interests). A $550.0 million delayed-draw facility from Sound Point was undrawn at Jun 30, 2026.
19Who owns it
19Who owns it · ownership as of Apr 22, 2026
Who owns AST SpaceMobile?
- Officers and directors (as a group), shares
- 20.9%
- Officers and directors (as a group), votes
- 71.9%
Shares vs votes by class
AST SpaceMobile has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes27.4%
- Class B common stock: share of all votes1.0%
- Class C common stock: share of all votes71.5%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did AST SpaceMobile's insiders report trading?
AST SpaceMobile's insiders made 67 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 8 purchases (13,587 shares) and 16 sales (5.7 million shares) in the open market or privately (codes P and S).
4 of the 16 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 49 other share transactions (A: 22, F: 22, X: 4, G: 1).
They also report 6 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- X
- exercise of an in-the-money or at-the-money derivative
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 73 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of AST SpaceMobile's Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (7)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Definitive proxy statement, 2026 annual meeting
- Schedule 13G, BlackRock, Inc. (event Sep 30, 2026)
- Schedule 13D/A, Rakuten Mobile, Inc. (event May 1, 2026)
- Schedule 13G, Vanguard Capital Management (event Sep 30, 2026)
- Schedule 13G/A, The Vanguard Group (event Mar 13, 2026, internal realignment)
20What it does with profit
20What it does with profit
What does AST SpaceMobile do with its profit?
Money raised · Apr 6, 2021
Merger with New Providence Acquisition Corp., a listed shell company (SPAC). Proceeds were $456.4 million before $39.5 million of costs.
$456M
Money raised · Dec 31, 2024
Common stock sold during FY2024. Warrant exercises added $153.6 million and debt $145.0 million.
$552M
Money raised · Dec 31, 2025
Common stock sold during FY2025, besides $1,010.9 million of shares issued to fund repurchases of 2032 4.25% notes.
$1.3B
Money raised · Dec 31, 2025
Borrowing during FY2025: convertible notes due 2032 and 2036, and the $420.0 million UBS bridge loan of Oct 31, 2025.
$2.6B
Money raised · Jun 30, 2026
2.25% convertible notes due 2036, issued in February 2026; principal outstanding at Jun 30, 2026.
$1.1B
Money raised · Jul 20, 2026
1.625% convertible notes due 2034, $1.0 billion base amount with a $150 million option, per an 8-K filed Jul 20, 2026. Net proceeds were about $983.6 million; capped calls cost $96.9 million.
$1.0B
21Governance signals
21Governance signals
What do AST SpaceMobile's governance filings show?
- Auditor
- KPMG LLP, since 2021
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- SatCo, a joint venture with Vodafone that AST SpaceMobile accounts for by the equity method, buys its gateways: $2.1 million of revenue in FY2025 and $9.8 million in the first half of FY2026. Vodafone, American Tower and AT&T may each nominate a director. The 10-K says payments under a Tax Receivable Agreement may be substantial.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
other · Apr 28, 2026
A controlled company
Abel Avellan held 71.6% of the votes at Apr 22, 2026, so AST SpaceMobile is a controlled company under Nasdaq rules. The board has elected not to have a majority of independent directors; it chose a fully independent compensation committee.
shares as collateral · Jun 23, 2026
CEO's holdings used as collateral in prepaid forward contracts
AA Gables, LLC, Abel Avellan's entity, used 2,500,000 AST LLC units as collateral under a variable prepaid forward contract. AA Gables 2, LLC entered a second one on Jun 22, 2026 for up to 2,500,000 Class A shares, settling in March 2028; he keeps the voting rights. CFO Andrew Johnson had 49,985 shares used as collateral for loans or margin.
other · Sep 28, 2026
Change-of-control severance policy
On Sep 25, 2026 the board's Compensation Committee adopted a severance policy for a change of control: 2.0 times salary plus target bonus for the CEO and 1.5 times for other senior managers.
disclosure · Aug 10, 2026
No customer split and no service data yet
The FY2025 10-K gives no revenue split by customer. SpaceMobile Service had not launched at Jun 30, 2026, so there are no subscriber or usage figures.
Sources (6)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Definitive proxy statement, 2026 annual meeting
- Form 8-K filed Jul 20, 2026: 1.625% convertible senior notes due 2034 and capped calls
- Schedule 13D/A (Amendment No. 18), Abel Avellan
- Form 8-K filed Sep 28, 2026: senior management change of control severance policy
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for AST SpaceMobile on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: AST SpaceMobile Class A stock closed at $30.20 on Nasdaq. Market value = $30.20 × 389.17 million shares of all three classes (Aug 6, 2026) = about $11,752.9 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover). Class B and C shares pair with AST LLC units exchangeable for Class A; Class A alone gives $9,053.6 million. P/E (price ÷ earnings per share) is not shown because the company has net losses.
- Share price
- $30.20
- Market value (market cap)
- $11.8B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
102×
$11.8B market value ÷ $115M revenue (four quarters to Jun 30, 2026) = 102×
Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2025 to Q2 FY2026 10-Qs and earnings releases. Source: ASTS historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) and 4 more
How price ratios workFree cash flow yield
−9.7%
−$1.1B free cash flow (FY2025) ÷ $11.8B market value = −9.7%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: ASTS historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
What free cash flow means
Shares used for the market value: 389.17 million ($30.20 × 389.17 million shares ≈ $11.8B). Source: Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025); Definitive proxy statement, 2026 annual meeting
Source: ASTS historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
Sources (9)
- ASTS historical prices, closing price Nov 5, 2026
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025)
- Q4 and full year 2025 business update and results (8-K Ex. 99.1)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Q1 2026 business update and results (8-K Ex. 99.1)
- Q2 2026 business update and results (8-K Ex. 99.1)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Definitive proxy statement, 2026 annual meeting
23How it got here
23How it got here
How did AST SpaceMobile get here?
2021
Milestone
Listed through a SPAC merger
On Apr 6, 2021 the business combined with New Providence Acquisition Corp., a listed shell company (SPAC), which became AST SpaceMobile, Inc.
2022
Business-model change
Sold control of NanoAvionika
It agreed on Jul 2, 2022 to sell 51% of NanoAvionika, a satellite subsystems maker that provided its earlier revenue, to Kongsberg.
2022
Milestone
BlueWalker 3 test satellite
Launched on Sep 10, 2022. The 10-K reports download speeds above 21 Mbps to standard unmodified smartphones in tests.
2024
Milestone
First five BlueBird satellites
Five Block 1 BlueBird satellites launched on Sep 12, 2024. In February 2025 the company completed voice and video call tests with AT&T and Verizon on unmodified smartphones.
2025
Business-model change
Spectrum deal and a European joint venture
Agreements with Ligado for spectrum rights were signed on Mar 22, 2025, and $420 million was paid on Oct 31. SatCo, a joint venture with Vodafone, was formed in July.
2025
Milestone
First Block 2 satellite
BlueBird 6 launched on Dec 23, 2025. Block 2 satellites have arrays of up to about 2,400 square feet.
2026
Crisis
BlueBird 7 lost
On Apr 19, 2026 the launch placed BlueBird 7 in too low an orbit and it was de-orbited, a $125.9 million loss after insurance.
2026
Milestone
13 spacecraft in orbit
BlueBirds 8 to 10 launched on Jun 17, 2026 and BlueBirds 11 to 13 on Aug 5, 2026.
24Sources and changes
Where every number on this page comes from
Sources (32 documents)
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 1, 2024
- S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2023
- S5Form 10-K, fiscal year 2021 (year ended Dec 31, 2021) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2022
- S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S9Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2025
- S11Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2025
- S12Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 14, 2024
- S13Q2 2026 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S14Q1 2026 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S15Q4 and full year 2025 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S16Q3 2025 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S17Q2 2025 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2025
- S18Q1 2025 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2025
- S19Q4 and full year 2024 business update and results (8-K Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 4, 2025
- S21Q2 2026 business update presentation (8-K Ex. 99.2) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S22Definitive proxy statement, 2026 annual meeting · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S23Schedule 13D/A (Amendment No. 18), Abel Avellan · Abel Avellan (SEC EDGAR) · Tier 1: company or exchange filing · Jun 23, 2026
- S24Schedule 13D/A, Rakuten Mobile, Inc. (event May 1, 2026) · Rakuten Mobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
- S25Schedule 13G, BlackRock, Inc. (event Sep 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S26Schedule 13G, Vanguard Capital Management (event Sep 30, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S27Schedule 13G/A, The Vanguard Group (event Mar 13, 2026, internal realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S28Form 8-K filed Jul 20, 2026: 1.625% convertible senior notes due 2034 and capped calls · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 20, 2026
- S29Form 8-K filed Apr 20, 2026: BlueBird 7 launch statement (Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
- S30Form 8-K filed Feb 11, 2026: updated risk factors (Ex. 99.1) · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S31Form 8-K filed Oct 20, 2026: CFO and CLO employment agreement · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S32Form 8-K filed Sep 28, 2026: senior management change of control severance policy · AST SpaceMobile, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 28, 2026
- S33ASTS historical prices, closing price Nov 5, 2026 · Nasdaq (nasdaq.com historical data table) · Tier 1: company or exchange filing · Nov 5, 2026
- S34EDGAR filing list, AST SpaceMobile, Inc. (CIK 0001780312) · U.S. SEC (EDGAR) · Tier 1: company or exchange filing · Nov 7, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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