AST SpaceMobile (ASTS) · Telecom
AST SpaceMobile Q3 2026 earnings: summary, key numbers & outlook
Results filed 9 Nov 2026 · Quarter ended 30 Sep 2026
Slides (15 pages)Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
AST SpaceMobile reported third quarter revenue of $42.3 million, total operating expenses of $211.0 million, and cash, cash equivalents, and restricted cash of approximately $3.2 billion.
AST SpaceMobile, which is building a cellular network in space for ordinary smartphones, reported third quarter revenue of $42.3 million. The revenue came from gateway deliveries and U.S. Government milestones. The net loss attributable to common stockholders was $(132,380) thousand, or $(0.44) per share. The company also announced Blacklift, its own 20-ton reusable rocket, and secured about $1.0 billion in Japanese non-dilutive funding.
Management says it remains on target for revenue of $150.0 million to $200.0 million, with upside from recent contract signatures. It expects intermittent nationwide service in key markets before year-end 2026 and production of six satellites per month in December. The main tension is execution: launches depend on third parties and Blacklift is not due until late 2028. Spending is heavy, and long-term debt rose to $4,083,709 thousand.
Slides & documents
Open the slide deck (PDF, 15 pages) ↗
Showing the first 6 of 15 pages.
SEC filing
Key numbers
- Third quarter revenue · GAAP
- $42.3 million
- Net loss attributable to common stockholders · GAAP
- -$132.4M
- Net loss per Class A share, basic and diluted · GAAP
- $(0.44)
- Total operating expenses · GAAP
- $211.0 million
- Adjusted operating expenses · non-GAAP
- $133.6 million
- Cash, cash equivalents, and restricted cash · GAAP
- approximately $3.2 billion
compared with $(122,874) a year earlier
compared with $(0.45) a year earlier
a decrease of $118.1 million as compared to $329.1 million in the second quarter of 2026
an increase of $14.5 million as compared to $119.1 million in the second quarter of 2026
| Segment or metric | Value | Change |
|---|---|---|
| Services revenues | $21.8M | compared with 6,993 a year earlier |
| Mobile network operators in ecosystem | over 60 | representing over 3 billion subscribers |
| BlueBird satellites under launch agreements | over 100 | deployed cumulatively between 2027 and 2028 |
Where each number comes from
- Third quarter revenue: “Third quarter revenue of $42.3 million driven by gateway deliveries and U.S. Government milestones met”
- Net loss attributable to common stockholders: “Net loss attributable to common stockholders | $(132,380) | $(122,874) | $(554,301) | $(267,974) Net loss per share attributable to holders of Class A Common Stock”
- Net loss per Class A share, basic and diluted: “Net loss per share attributable to holders of Class A Common Stock Basic and diluted | $(0.44) | $(0.45) | $(1.87) | $(1.09)”
- Total operating expenses: “Total operating expenses for the third quarter of 2026 were $211.0 million, including $77.4 million of depreciation and amortization and stock-based compensation expense.”
- Adjusted operating expenses: “Adjusted operating expenses(1) for the third quarter of 2026 were $133.6 million, an increase of $14.5 million as compared to $119.1 million in the second quarter of 2026”
- Cash, cash equivalents, and restricted cash: “As of September 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $3.2 billion”
- Services revenues: “Services revenues | 21,750 | 6,993 | 30,171 | 8,499 Total revenues | 42,321 | 14,739 | 88,575 | 16,613 Operating expenses: Cost of revenues (exclusive of items shown separately below)”
- Mobile network operators in ecosystem: “potential expansion of commercial ecosystem of over 60 mobile network operators representing over 3 billion subscribers”
- BlueBird satellites under launch agreements: “Launch agreements now covering in total over 100 BlueBird satellites expected to be deployed cumulatively between 2027 and 2028”
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 | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $42.3M | +187.1% | +34.3% |
| Net income | -$132.4M | −7.7% | +42.7% |
| Free cash flow | -$464.2M | −53.3% | +33.2% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue guidance | 2026 | $150.0 million to $200.0 million |
| BlueBird satellites in orbit | middle 2027 | approximately 45 |
Key takeaways
Revenue ramps toward $150.0 million to $200.0 million
Third quarter revenue was $42.3 million, and nine-month revenue was 88,575 (in thousands). Management says it remains on target for its $150.0 million to $200.0 million range, with upside from recent contract signatures.
Service launch targeted before year-end 2026
The company expects nationwide intermittent service in the United States and other key markets before year-end 2026. The first rollout covers the United States, Canada, Japan, Saudi Arabia and United Kingdom.
Blacklift gives AST its own rocket
Blacklift is a 20-ton reusable rocket that can carry up to five BlueBird satellites per launch, starting in late 2028. Launch agreements already cover over 100 BlueBird satellites in 2027 and 2028.
ASIC production pulled forward to BlueBird 34
The ASIC chip enables a 10x improvement in processing bandwidth compared to Block 1 satellites. Two factories are running full shifts to reach six ASIC satellites per month in December.
Large cash balance alongside rising debt
Cash, cash equivalents, and restricted cash were approximately $3.2 billion, and nine-month net cash used in operating activities was (314,477) (in thousands). Long-term debt, net was $4,083,709 thousand, and the company cites about $1.0 billion of Japanese non-dilutive funding.
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 third quarter 2026 revenue and net loss?
Revenue was $42.3 million, up from 14,739 thousand a year earlier. The net loss attributable to common stockholders was $(132,380) thousand, or $(0.44) per share.
Is AST SpaceMobile still on track for its full-year revenue guidance?
Yes. Management says it remains on target for revenue of $150.0 million to $200.0 million, with upside based on recent contract signatures.
When will AST SpaceMobile start commercial service?
It expects initial, intermittent nationwide coverage in key markets before year-end 2026. The first markets are the United States, Canada, Japan, Saudi Arabia and the United Kingdom.
How much cash does AST SpaceMobile have, and how is it funding growth?
It had approximately $3.2 billion in cash, cash equivalents, and restricted cash at September 30, 2026. It also cites about $1.0 billion of non-dilutive funding from Japan's Ministry of Internal Affairs and Communications, plus a pipeline of about $1.2 billion of U.S. quasi-governmental financing for 2027.
What is Blacklift and why does it matter?
Blacklift is AST SpaceMobile's own 20-ton reusable rocket, due to begin launches in late 2028 and carry up to five BlueBird satellites per launch. The company says it gives greater control over launch availability and deployment schedules.