AST SpaceMobile (ASTS) · Telecom
AST SpaceMobile Q2 2026 earnings: summary, key numbers & outlook
Results filed 10 Aug 2026 · Quarter ended 30 Jun 2026
Slides (19 pages)Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
AST SpaceMobile reported second quarter 2026 revenue of $31.5 million, a net loss per share of $(0.77), and revenue backlog of approximately $1.30 billion.
AST SpaceMobile's second quarter revenue was $31.5 million, driven by gateway deliveries and U.S. Government milestones met. Net loss attributable to common stockholders was $(230,909) thousand, or $(0.77) per share. Total operating expenses were $329.1 million, including a $125.9 million loss on involuntary conversion. The network now has 13 spacecraft in orbit, and the company says it is preparing to start beta services with select partners.
Management says it is on track for full year 2026 revenue of $150.0 million to $200.0 million. The company is targeting approximately 45 satellites in orbit in early 2027. The main tension is that spending is far ahead of revenue. Six-month net cash used in operating activities was $(145,212) thousand and purchases of property and equipment were $(859,215) thousand. Satellite shipment timing also depends on factors the company says are often beyond its control. A $1.150 billion convertible notes offering in July added funding.
Slides & documents
Open the slide deck (PDF, 19 pages) ↗
Showing the first 6 of 19 pages.
SEC filing
Key numbers
- Total revenues, Q2 2026 · GAAP
- $31.5 million
- Net loss attributable to common stockholders, Q2 2026 · GAAP
- -$230.9M
- Net loss per share, basic and diluted, Q2 2026 · GAAP
- $(0.77)
- Net cash used in operating activities, six months ended June 30, 2026 · GAAP
- -$145.2M
- Total operating expenses, Q2 2026 · GAAP
- $329.1 million
- Adjusted operating expenses, Q2 2026 · non-GAAP
- $119.1 million
- Cash, cash equivalents and restricted cash, June 30, 2026 · GAAP
- approximately $2.7 billion
up $165.0 million from $164.1 million in the first quarter of 2026
up $27.9 million from $91.2 million in the first quarter of 2026
| Segment or metric | Value | Change |
|---|---|---|
| Revenue backlog (aggregate contracted revenue) | approximately $1.30 billion | increased |
| MNO partners signed | over 60 | |
| Spacecraft in orbit | 13 | six spacecraft launched within 50 days |
| Gateways in various stages | nearly 50 | |
| Digital cells activated, Continental U.S. | 3,000 | |
| New U.S. Government awards | over $125 million | |
| Pro forma liquidity | Over $3.7 billion |
Where each number comes from
- Total revenues, Q2 2026: “Second quarter revenue of $31.5 million driven by gateway deliveries and U.S. Government milestones met”
- Net loss attributable to common stockholders, Q2 2026: “Net loss attributable to common stockholders | $(230,909) | $(99,394) | $(421,921) | $(145,100) Net loss per share attributable to holders of Class A Common Stock Basic and diluted | $(0.77)”
- Net loss per share, basic and diluted, Q2 2026: “Net loss attributable to common stockholders | $(230,909) | $(99,394) | $(421,921) | $(145,100) Net loss per share attributable to holders of Class A Common Stock Basic and diluted | $(0.77)”
- Net cash used in operating activities, six months ended June 30, 2026: “Net cash used in operating activities | (145,212) | (72,024) Cash flows from investing activities: Purchase of property and equipment | (859,215)”
- Total operating expenses, Q2 2026: “Total operating expenses for the second quarter of 2026 were $329.1 million, including $84.1 million of depreciation and amortization and stock-based compensation expense.”
- Adjusted operating expenses, Q2 2026: “Adjusted operating expenses(1) for the second quarter of 2026 were $119.1 million, an increase of $27.9 million as compared to $91.2 million in the first quarter of 2026”
- Cash, cash equivalents and restricted cash, June 30, 2026: “As of June 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $2.7 billion”
- Revenue backlog (aggregate contracted revenue): “Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government”
- MNO partners signed: “Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers”
- Spacecraft in orbit: “Orbital launch of BlueBird 8-13 marks six spacecraft launched within 50 days, increasing network to 13 in-orbit spacecraft, with combined aperture hardware of approximately 20,000 sq ft”
- Gateways in various stages: “Continued to build out global gateway footprint with nearly 50 gateways in various stages of completion, installation, and planning ahead of service”
- Digital cells activated, Continental U.S.: “Continued progress towards beta service in 2026 with initial 3,000 digital cells activated across the Continental United States”
- New U.S. Government awards: “Received multiple awards from the U.S. Government with an aggregate value of over $125 million supporting multiple national-security applications”
- Pro forma liquidity: “Over $3.7 billion in pro forma cash, cash equivalents, restricted cash as of June 30, 2026”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $31.5M | +2626.6% | +113.9% |
| Net income | -$230.9M | −132.3% | −20.9% |
| Free cash flow | -$694.8M | −96.5% | −124.4% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Full year 2026 revenue | full year 2026 | $150.0 million to $200.0 million |
| Satellites in orbit target | early 2027 | approximately 45 satellites |
Key takeaways
Revenue grew sharply but remains small
Second quarter revenue was $31.5 million versus $1,156 thousand a year earlier in the statement of operations. The company says this is consistent with plans for quarterly revenue ramp during 2026.
A $125.9 million charge widened the loss
Total operating expenses were $329.1 million, including a $125.9 million loss on involuntary conversion. Net loss per share was $(0.77) versus $(0.41) a year earlier.
Full year revenue guidance of $150.0M-$200.0M reiterated
Management says it is on track for full year 2026 revenue of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. Government. First-half revenue was $46,255 thousand.
Balance sheet funds continued satellite buildout
Cash, cash equivalents, and restricted cash were approximately $2.7 billion at June 30, 2026, and over $3.7 billion pro forma. July's $1.150 billion convertible offering carries a 1.625% rate.
Constellation growth targets about 45 satellites
The network has 13 spacecraft in orbit, BlueBirds 14, 15, and 16 are ready to ship shortly, and the company targets approximately 45 satellites in orbit in early 2027. Shipment timing depends on factors the company says are often beyond its control.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $1.9M * |
| Q1 2025 | $718.0K |
| Q2 2025 | $1.2M |
| Q3 2025 | $14.7M |
| Q4 2025 | $54.3M * |
| Q1 2026 | $14.7M |
| Q2 2026 | $31.5M |
| Q3 2026 | $42.3M |
Data
| Q4 2024 | -$110.5M |
| Q1 2025 | -$149.0M |
| Q2 2025 | -$353.6M |
| Q3 2025 | -$302.9M |
| Q4 2025 | -$330.7M |
| Q1 2026 | -$309.7M |
| Q2 2026 | -$694.8M |
| Q3 2026 | -$464.2M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were AST SpaceMobile's Q2 2026 results?
Revenue was $31.5 million, and net loss per share was $(0.77). Net loss attributable to common stockholders was $(230,909) thousand.
What is AST SpaceMobile's 2026 revenue guidance?
Management expects full year 2026 revenue of $150.0 million to $200.0 million and says it is on track. First-half 2026 revenue was $46,255 thousand.
Why did operating expenses rise in the quarter?
Total operating expenses were $329.1 million, up $165.0 million from the first quarter. Most of the increase was a $125.9 million loss on involuntary conversion, plus a $20.3 million increase in general and administrative costs.
How much cash does the company have?
It had approximately $2.7 billion in cash, cash equivalents, and restricted cash at June 30, 2026, and over $3.7 billion pro forma for the July convertible notes offering. That offering raised $1.150 billion of gross proceeds.
How far along is the satellite network?
There are 13 spacecraft in orbit, and BlueBirds 14, 15, and 16 are ready to ship shortly. The company targets approximately 45 satellites in orbit in early 2027 and is preparing for beta service in 2026.