AST SpaceMobile
ASTS · NASDAQSpace & Telecom · Direct Satellite-to-Cellphone Connectivity
Since the Report − 10.0%
Close on Report DayAug 10
$68.76
- Market Cap(Today)
- ≈ $24.0 B
- 1Y Return(At Report)
- + 32%
AST SpaceMobile launched six BlueBird satellites in 50 days during the second quarter, lifting its in-orbit fleet to 13, but revenue came in below expectations at $31.5 million and the BB7 satellite lost in April put a $125.9 million charge through the income statement. The stock slipped 1.8% after hours; the investor question was never the loss line but whether the reaffirmed full-year revenue target of $150-200 million can fit into the second half. What matters next is holding the monthly launch cadence and reaching 45 satellites, the commercial service threshold, by early 2027.
BlueBirds In Orbit
13 Satellites
▲ 6 Added in the Quarter
Launched In The Quarter
6 Satellites
In 50 Days · BB8–BB13
Commercial Revenue
$31.5M
▲ 2,627% Year Over Year
Cash And Equivalents
$2.29B
Pro Forma $3.7B After July
BB7 Loss Charge
$125.9M
Launch Anomaly · Insured
Contracted Revenue
$1.30B
60+ Operators · 3B Subscribers
Quarterly Revenue ($ Million)
1.16
14.74
54.31
14.74
31.52
- Q2 25
- Q3 25
- Q4 25
- Q1 26
- Q2 26
- Revenue Growth Year Over Year
- ▲ 2,627%From $1.16M to $31.5M
- Product Revenue Share
- 77%$24.4M · Operator Hardware
- Service Revenue Share
- 23%$7.1M · Mostly Government
Q3 2026 Company Guidance
- Full Year Revenue150 – 200 million
Midpoint 175 · $46.3M collected in the first halfReaffirmed ✓
- Q3 Capital Expenditure350 – 425 million
$610.4M was spent in the second quarterPace Easing ▼
- Q3 Operating Expenses105 – 115 million
Second quarter actual $119.1M · excluding cost of revenueSlight Step Down ▼
- Cost Per Satellite21 – 23 million
Unit cost at serial production stageEconomies Of Scale ▲
- Satellite Target By Early 202745 units
13 in orbit · 10 launches bookedMonthly Cadence Required
The blue band is the company's low–high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. Axis is ±16% around the midpoint.
- Launches Booked
- 10Two Providers · Monthly Cadence
- Pro Forma Cash
- $3.7BAfter July Convertible Offering
- Government Award Value
- Over $125MThree New Awards · 2026–2027
“We're building the direct-to-device network of the future today in partnership with, not in competition with, mobile network operators.”
- Monthly launch cadence
- 100 MHz US spectrum
- 60+ operator partnerships
Summary
AST SpaceMobile reported $31.5 million of revenue in the second quarter. Measured against the $1.16 million booked a year earlier that is a 2,627% increase, but it still landed below the roughly $35 million the market expected. Of that revenue, $24.4 million came from hardware sold to mobile network operators and $7.1 million mainly from government contracts. Loss per share was $0.77, meaningfully wider than the $0.29 loss analysts had penciled in. Most of that gap traces to a $125.9 million charge for BB7, the satellite Blue Origin's New Glenn rocket placed in a lower-than-planned orbit in April and which the company then decided to de-orbit. Operating expenses reached $329.1 million in total and $119.1 million on an adjusted basis. The real news of the quarter, though, was not in the statements but in orbit: the company launched six BlueBird satellites in 50 days.
After the results the stock fell 1.8% in after-hours trading to $67.55, having already lost 4.4% during the earnings-day session. The reaction stayed measured because investors do not treat profit, or any single quarter's revenue, as the primary yardstick for this company. What the market watches is how quickly the satellite count needed to switch on commercial service can be reached. Two items did cause discomfort, however. The full-year revenue target of $150-200 million was reaffirmed even though only $46.3 million was collected in the first half, which leaves a very heavy pace for the back half. Second, the loss of BB7 was a reminder of how dependent the launch schedule remains on outside providers. The cash side is comfortable: $2.29 billion as of June 30, and over $3.7 billion pro forma after July's convertible note offering.
Read through the lens of network buildout, the quarter looks good but not smooth. The in-orbit BlueBird count rose to 13, production approached six satellites a month, and the company has 10 launches booked with two separate providers. The goal of reaching the 45 satellites needed for commercial service by early 2027 looks reasonable if that pace holds. On the other side, the BB7 loss, the revenue shortfall and capital spending that climbed to $610.4 million in the quarter all show the story still carries heavy execution risk. That is why we score the quarter 68 out of 100: there is genuine progress on the network, but the revenue target and the launch schedule stand as two concrete reservations. The call is hold; the real confirmation will be whether beta service switches on before the year ends.
Full Review
ClaudeThe quarter's report card is in orbit, not in profit.
AST SpaceMobile is not a company anyone expects to be profitable yet; this quarter's job was building the network. Judged on that basis, the second quarter was the busiest period in the company's history. Six satellites, BB8 through BB13, were launched within 50 days, taking the in-orbit BlueBird count to 13. The antenna surface these satellites unfold now totals roughly 20,000 square feet, and that surface is what directly determines network capacity. On production, the company said it is approaching six satellites a month, with BB17 through BB46 in various stages of manufacturing. For the launch schedule, 10 launches are booked with two separate providers, targeting a cadence of one every month or two. A year ago this company was discussed with five satellites in orbit and almost no revenue; that gap is the quarter's real result.
The BB7 loss left a $125.9 million mark.
The most expensive event of the quarter was not an accounting item but a launch accident. In April, Blue Origin's New Glenn rocket placed the BB7 satellite in a lower-than-planned orbit, and the decision was made to de-orbit it. The balance-sheet consequence was a $125.9 million charge, and it is the main reason loss per share widened to $0.77. The loss was insured; $21.6 million of insurance proceeds were collected during the quarter and the remainder is expected. Even so, the real cost is time rather than money: BB7 was one of the largest and newest-design satellites in the network, and replacing it means a delay in the launch queue. The company kept its target of reaching 45 satellites by early 2027, so the schedule was not formally changed. What the episode did show clearly is that even a company that brought satellite production in-house remains dependent on outsiders for launch.
The revenue target leans heavily on the second half.
The company reaffirmed its full-year revenue target of $150-200 million, yet revenue collected in the first six months was $46.3 million. That means roughly $104 million must be booked in the second half just to reach the bottom of the range, and $154 million to reach the top. Such a jump is not impossible: most revenue comes from hardware sales to operators and from government contracts, and both are recognized in batches. Indeed, the fourth quarter of 2025 alone booked $54.3 million, so the company has produced a quarter like that before. The flip side is that this lumpy revenue profile means a single contract slipping can quickly put the annual target at risk. Total contracted revenue reaching $1.30 billion softens that risk, because the issue is timing rather than demand. This will be the first number investors look at when third-quarter results land in November.
Cash is strong, but the burn is fast too.
Cash and cash equivalents stood at $2.29 billion as of June 30; after the convertible note offering completed in July, pro forma cash rises above $3.7 billion. That means the company will not need the capital markets for at least a year and a half while it builds the network, and for story stocks that is the single most critical assurance. The spending pace, however, is equally fast: capital expenditure was $610.4 million in the second quarter alone, more than double the $256.8 million of the prior quarter. Adjusted operating expenses also rose from $91.2 million to $119.1 million. For the third quarter the company guides to $350-425 million of capex and $105-115 million of adjusted operating expenses, so the pace is easing somewhat. Holding cost per satellite in the $21-23 million range shows the scale advantage of serial production is genuinely being captured. Our cash flow guide may help with how to read cash burn.
The differentiator is the network, not the launch.
Compared with the SpaceX and Rocket Lab analyses already published on this site, what sets AST SpaceMobile apart is not the rocket. Rocket Lab is a launch and space systems company that carries payloads to orbit; AST SpaceMobile buys launch from outside and builds its own network. The product is a connection running from a satellite directly to an ordinary cellphone, which means the customer is not the space industry but mobile operators and their subscribers. That model rests on three legs: spectrum rights, operator partnerships and in-orbit capacity. The company targets roughly 100 MHz of spectrum access in the United States and more than 60 MHz globally, part of it contributed by operator partners from their own holdings. On partnerships, agreements with more than 60 mobile operators cover over 3 billion subscribers in total, with 50 gateways being installed across 20 markets. Once the network is built, these three legs will be the hardest part for competitors to copy. For other earnings reports, see the analysis archive.
Strengths
6- The in-orbit BlueBird count rose to 13, with six satellites launched within 50 days in this quarter alone.
- Pro forma cash exceeds $3.7 billion, removing funding pressure for a long stretch of the network buildout.
- Contracted revenue reached $1.30 billion, making the demand side visible.
- Agreements with more than 60 mobile operators cover over 3 billion subscribers.
- Production approached six satellites a month and cost per satellite fell to $21-23 million.
- U.S. government awards worth more than $125 million in aggregate value have been won.
Risks
6- Losing BB7 to a launch anomaly showed how dependent the schedule is on outside launch providers.
- The full-year target of $150-200 million requires a very heavy second half after just $46.3 million in the first.
- Because quarterly revenue arrives in batches, a single contract slipping can visibly distort the result.
- Capital expenditure reached $610.4 million in the quarter; cash is strong but the burn is fast.
- Meaningful subscriber revenue does not begin until the 45 satellites needed for commercial service are in orbit.
- Part of the spectrum access depends on regulatory approvals and on contributions from operator partners.
What to Watch
5- Third-quarter results are due in early November 2026, the first real check on whether the full-year revenue target holds.
- Beta service is targeted to switch on across the United States with an initial 3,000 digital cells by the end of 2026.
- The remainder of the 10 booked launches will continue from autumn 2026 at a cadence of one every month or two.
- The satellite count in orbit is planned to reach 45 by early 2027, the threshold for switching on commercial service.
- Regulatory steps toward roughly 100 MHz of U.S. spectrum access will be tracked through 2026-2027.
Upcoming Earnings
To Understand This