AST SpaceMobile Q4 Earnings Call Highlights

Key Points

• AST SpaceMobile said 2025 was its first revenue year with $70.9 million in full‑year revenue, raised more than $3.5 billion in capital and reported pro forma liquidity of about $3.9 billion as it prepares for commercial service.
• The company is accelerating its Block 2 rollout—calling it ~3.5x larger and 10x the capacity of Block 1—with a target of 45–60 satellites by end‑2026, launches every 1–2 months, and a manufacturing cadence aimed at about six satellites per month in H1 2026.
• AST reported a commercial ecosystem of more than 50 MNO partners covering ~3 billion subscribers, >$1 billion in contracted revenue commitments (about $1.2 billion backlog), and guided 2026 revenue of $150–$200 million with upside from initial commercial service.

AST SpaceMobile NASDAQ: ASTS used its fourth quarter 2025 business update call to highlight its transition into a revenue-generating company, outline an aggressive 2026 launch and manufacturing cadence for its Block 2 BlueBird satellites, and provide updated financial guidance and liquidity details as it prepares to begin commercial service with mobile network operator (MNO) partners.

2025: From development to revenue generation

Chairman and CEO Abel Avellan said 2025 marked the first year AST SpaceMobile generated revenue, while advancing “all key aspects” of the business, including commercial and government activities, manufacturing, spectrum, intellectual property, and capital. The company reported full-year 2025 revenue of $70.9 million and said it raised more than $3.5 billion in capital during the year.

President Scott Wisniewski said 2025 revenue was “primarily driven by commercial gateway deliveries and milestones completed from our government contracts.” He noted the company delivered 15 commercial gateways to MNO partners in the second half of 2025 across nine customers on five continents, describing gateway sales as a leading indicator of partner preparation for service rollout.

Constellation progress and 2026 launch plans

Avellan detailed the Block 2 BlueBird program, describing it as roughly 3.5 times larger and 10 times the capacity of the first five Block 1 satellites. He said the company successfully launched and unfolded BlueBird 6 (BB6), which he called “the largest ever commercial communication array deployed in low Earth orbit,” with an array size of approximately 2,400 square feet.

He added that BlueBird 7 (BB7) is encapsulated and awaiting launch on Blue Origin’s New Glenn vehicle, with launch “expected in March.” Avellan said the 7-meter fairing on New Glenn enables higher payload volume and is intended to support up to eight Block 2 satellites per launch. He also said this New Glenn mission will be the first to use a previously flown first stage, and that the company expects the booster to be reusable every 30 days or less after the upcoming launch.

Looking ahead, management reiterated a goal to deploy 45–60 satellites into low Earth orbit by the end of 2026, with Avellan framing expectations as “closer to 60 satellites ready to ship and 45 satellites in orbit.” Launches are planned every one to two months on average, starting with the expected March New Glenn mission. The company said it has 12 additional contracted launches across several vehicles and has also signed an additional agreement to integrate with a new heavy launch vehicle as a standby option.

In the investor Q&A, Avellan said a key learning from BB6 was operating and deploying a much larger platform, which he expects will enable faster deployment in subsequent missions. He also emphasized that after BB7, AST SpaceMobile expects to move away from single-satellite launches to stacked launches in groups of three, four, six, or eight satellites.

Manufacturing scale-up and technology roadmap

Management emphasized manufacturing ramp as a central 2026 execution focus. Avellan said the company exited 2025 with production capacity to support up to six satellites’ worth of Micron phased arrays per month, and expects to achieve a testing, assembly, and integration cadence of six satellites per month in the first half of 2026. He said BlueBird 8 through 29 are in various stages of production, and the company expects to complete assembly of 40 satellites’ equivalent of Microns during the first half of 2026, “bringing us to BlueBird 46.”

Avellan also described AST SpaceMobile’s manufacturing approach as 95% vertically integrated, citing expanded facilities in Midland, Texas, and Homestead, Florida, including a fourth site in Midland for dedicated Micron production. He said the company expects to have more than half a million square feet of manufacturing and operational space globally.

On the technology side, Avellan said the company anticipates integrating a custom ASIC chip into Block 2 satellites in the first half of 2026, targeting 10 gigahertz of processing bandwidth per satellite. He contrasted that with the company’s stated capability of up to 120 Mbps on in-orbit Block 1 satellites.

Commercial partnerships, spectrum, and government activity

Wisniewski highlighted definitive commercial agreements signed in 2025 with Verizon in the U.S. and stc Group in Saudi Arabia, in addition to previously announced partners including AT&T and Vodafone. Avellan said the stc agreement is a 10-year deal that included a $175 million prepayment in 2025. Management also referenced partnerships or initiatives with Orange, Telefónica, CK Hutchison, Taiwan Mobile, and further work with Vodafone, including the formal unveiling of Satellite Connect Europe as a European distribution joint venture with Vodafone.

The company said it now has a commercial ecosystem of more than 50 MNO partners covering nearly 3 billion subscribers. Management said these commercial efforts have resulted in over $1 billion in total contracted revenue commitments, and later in the Q&A Wisniewski referenced $1.2 billion of contracted backlog.

Avellan also outlined a spectrum position he described as access to approximately 1,150 megahertz of low-band and mid-band “tunable” MNO spectrum globally, including 45 megahertz of MSS lower mid-band spectrum access in North America and 60 megahertz of licensed S-band priority rights outside North America. In the investor Q&A, he said the company plans to start launching a “mid-band constellation” by the end of 2026, combining operator-owned frequencies with the company’s L- and S-band assets.

On government business, Wisniewski said AST SpaceMobile executed against 10 existing contracts in 2025 with an expanding list of agencies, including work tied to capabilities “critical to U.S. national security,” including the Golden Dome project. He said government revenue is not dependent on full constellation deployment and scales with satellite count. He also said the company was named a prime contractor to the U.S. government and received a $30 million award from the Space Development Agency for the Europa Track 2 Commercial Solutions program. In addition, he said AST SpaceMobile was awarded an IDIQ contract under the Missile Defense Agency’s SHIELD program.

Financial update: expenses, capex, liquidity, and 2026 guidance

CFO and Chief Legal Officer Andrew Johnson said adjusted operating expenses (non-GAAP) in Q4 2025 were $95.7 million, up from $67.7 million in Q3, driven primarily by higher adjusted cost of revenue related to gateway deliveries. Excluding adjusted costs of revenue, Q4 adjusted operating expenses were $66.8 million versus $62.2 million in Q3, consistent with prior “mid-$60 million” guidance, he said.

Q4 2025 capital expenditures were approximately $407 million, above prior guidance, which Johnson attributed mainly to accelerated satellite material purchases and the timing of launch payments. The company guided to Q1 2026 adjusted operating expenses (excluding cost of revenues) of $70–$80 million and Q1 2026 capex of $350–$425 million, which management said would be driven largely by launch payment timing.

For revenue, Johnson said Q4 2025 revenue was $54.3 million, driven by gateway hardware sales and U.S. government milestone achievements, plus consulting services for an MNO partner. For 2026, the company guided to $150–$200 million in full-year revenue, driven by gateway deliveries, U.S. government milestones, and consulting services, with potential upside from initial commercial service revenue. Wisniewski added that before commercial service revenue later in 2026, the company expects revenue to “at least double” versus 2025.

Johnson also detailed liquidity, stating that on a pro forma basis (including February financing and available ATM capacity), cash, cash equivalents, and restricted cash as of Dec. 31, 2025 was approximately $3.9 billion. He cited two convertible notes offerings in October 2025 and February 2026 totaling about $2.2 billion of net proceeds, plus about $706 million raised from ATM facilities in Q4 2025. He said the February 2026 convertible notes carried a 2.25% coupon and an effective strike price of $116.30 per share.

Johnson said the company has used additional actions to reduce outstanding convertible debt, converting most of the January 2025 notes and a portion of the July 2025 notes into Class A shares. He added that the company has “no current plans” to pursue additional convertible debt.

About AST SpaceMobile NASDAQ: ASTS

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company's core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.

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