AST SpaceMobile (ASTS) Financials

$88.07 +1.28 (+1.47%)

As of 09:57 AM Eastern

Annual Income Statements for AST SpaceMobile

This table shows AST SpaceMobile's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-24	-31	-32	-88	-300
Consolidated Net Income / (Loss)	-24	-73	-103	-223	-526
Net Income / (Loss) Continuing Operations	-24	-73	-103	-223	-526
Total Pre-Tax Income	-24	-73	-102	-221	-525
Total Operating Income	-24	-87	-146	-222	-243
Total Gross Profit	2.94	4.84	14	0.00	4.42
Total Revenue	5.97	12	14	0.00	4.42
Operating Revenue	5.97	12	14	0.00	4.42
Total Cost of Revenue	3.03	7.56	0.00	0.00	0.00
Total Operating Expenses	27	92	160	222	247
Selling, General & Admin Expense	25	65	103	120	155
Research & Development Expense	1.01	23	46	47	29
Depreciation Expense	0.89	2.91	4.71	54	63
Other Operating Expenses / (Income)	-	-	6.71	0.00	0.00
Total Other Income / (Expense), net	0.08	14	43	1.37	-282
Interest Expense	-	-	0.22	4.51	30
Interest & Investment Income	0.08	-1.95	24	-3.10	16
Other Income / (Expense), net	0.00	16	19	8.99	-269
Income Tax Expense	0.13	0.33	0.62	1.68	1.33
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.34	-43	-71	-135	-226
Basic Earnings per Share	$0.00	($0.37)	($0.58)	($1.07)	($1.94)
Weighted Average Basic Shares Outstanding	0.00	51.73M	54.44M	81.82M	154.50M
Diluted Earnings per Share	$0.00	($0.37)	($0.58)	($1.07)	($1.94)
Weighted Average Diluted Shares Outstanding	0.00	51.73M	54.44M	81.82M	154.50M
Weighted Average Basic & Diluted Shares Outstanding	0.00	51.73M	200.08M	138.13M	316.49M

This table shows AST SpaceMobile's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.23	-16	-18	-21	-32	-20	-73	-172	-36	-46	-99
Consolidated Net Income / (Loss)	-25	-45	-50	-51	-77	-40	-131	-303	-52	-64	-136
Net Income / (Loss) Continuing Operations	-25	-45	-50	-51	-77	-40	-131	-303	-52	-64	-136
Total Pre-Tax Income	-25	-45	-50	-50	-75	-40	-131	-302	-52	-63	-135
Total Operating Income	-43	-44	-58	-59	-61	-56	-63	-66	-59	-63	-73
Total Gross Profit	6.71	0.00	0.00	0.00	-	0.50	0.90	1.10	1.92	0.72	1.16
Total Revenue	-0.00	0.00	0.00	0.00	-	0.50	0.90	1.10	1.92	0.72	1.16
Operating Revenue	-0.00	0.00	0.00	0.00	-	0.50	0.90	1.10	1.92	0.72	1.16
Total Cost of Revenue	-6.71	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	49	44	58	59	61	56	64	67	61	64	74
Selling, General & Admin Expense	27	26	33	31	31	32	39	37	47	46	56
Research & Development Expense	15	16	11	9.42	11	4.26	4.46	15	5.34	7.14	6.39
Depreciation Expense	1.25	1.73	14	19	20	20	20	15	8.46	11	12
Total Other Income / (Expense), net	17	-0.65	7.69	8.48	-14	16	-68	-237	6.78	-0.50	-62
Interest Expense	-	-2.09	-1.72	-0.50	8.82	4.51	4.94	1.39	24	4.74	5.66
Interest & Investment Income	0.16	-10	-0.51	0.51	7.13	2.29	2.95	1.41	14	7.45	8.33
Other Income / (Expense), net	17	7.50	6.48	7.48	-12	18	-66	-237	16	-3.21	-65
Income Tax Expense	0.06	0.12	-0.79	0.27	2.09	0.29	0.23	0.65	0.16	0.17	0.74
Net Income / (Loss) Attributable to Noncontrolling Interest	-17	-29	-31	-30	-45	-20	-59	-131	-16	-18	-37
Basic Earnings per Share	($0.13)	($0.23)	($0.24)	($0.23)	($0.37)	($0.16)	($0.51)	($1.10)	($0.17)	($0.20)	($0.41)
Weighted Average Basic Shares Outstanding	54.44M	71.85M	75.64M	89.51M	81.82M	121.45M	141.19M	155.64M	154.50M	223.97M	241.99M
Diluted Earnings per Share	($0.13)	($0.23)	($0.24)	($0.23)	($0.37)	($0.16)	($0.51)	($1.10)	($0.17)	($0.20)	($0.41)
Weighted Average Diluted Shares Outstanding	54.44M	71.85M	75.64M	89.51M	81.82M	121.45M	141.19M	155.64M	154.50M	223.97M	241.99M
Weighted Average Basic & Diluted Shares Outstanding	200.08M	204.13M	217.68M	-	138.13M	257.53M	269.39M	289.73M	316.49M	328.19M	358.52M

This table details how cash moves in and out of AST SpaceMobile's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	9.10	282	-85	-151	479
Net Cash From Operating Activities	-23	-80	-156	-149	-126
Net Cash From Continuing Operating Activities	-30	-80	-157	-149	-126
Net Income / (Loss) Continuing Operations	-24	-73	-103	-223	-526
Consolidated Net Income / (Loss)	-24	-73	-103	-223	-526
Depreciation Expense	0.67	2.91	4.71	54	63
Amortization Expense	0.22	-	0.00	1.16	3.73
Non-Cash Adjustments To Reconcile Net Income	0.06	-11	-34	4.46	312
Changes in Operating Assets and Liabilities, net	-6.54	1.71	-24	14	21
Net Cash From Investing Activities	-30	-55	-31	-119	-174
Net Cash From Continuing Investing Activities	-30	-55	-31	-119	-174
Purchase of Property, Plant & Equipment	-8.12	-15	-57	-119	-174
Divestitures	-	0.00	26	0.00	0.00
Net Cash From Financing Activities	70	417	102	117	780
Net Cash From Continuing Financing Activities	70	417	102	117	780
Repayment of Debt	-2.53	-	0.00	-9.90	-58
Repurchase of Common Equity	-7.75	-	-2.75	-0.87	-12
Issuance of Debt	0.10	0.05	0.23	64	145
Issuance of Common Equity	-	0.00	105	65	557
Other Financing Activities, net	0.00	417	0.01	-0.87	148
Effect of Exchange Rate Changes	-0.17	-0.29	0.20	-0.14	-0.26
Cash Interest Paid	0.03	0.01	0.22	3.24	12
Cash Income Taxes Paid	0.13	0.19	0.68	0.49	1.67

This table details how cash moves in and out of AST SpaceMobile's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	40	-54	5.78	-56	-48	124	75	231	49	307	65
Net Cash From Operating Activities	-35	-38	-50	-36	-25	-48	-16	-33	-28	-29	-43
Net Cash From Continuing Operating Activities	-35	-38	-50	-36	-25	-48	-16	-33	-28	-29	-43
Net Income / (Loss) Continuing Operations	-25	-45	-50	-51	-77	-40	-131	-303	-52	-64	-136
Consolidated Net Income / (Loss)	-25	-45	-50	-51	-77	-40	-131	-303	-52	-64	-136
Depreciation Expense	1.25	1.73	14	19	20	20	20	15	8.46	11	12
Amortization Expense	-	0.00	-	0.37	0.78	0.90	1.00	1.15	0.69	0.31	0.41
Non-Cash Adjustments To Reconcile Net Income	-15	-5.02	-0.94	-4.84	15	-13	80	244	1.04	12	75
Changes in Operating Assets and Liabilities, net	3.90	11	-14	0.13	17	-16	14	10	13	12	4.80
Net Cash From Investing Activities	-12	-15	-7.58	-73	-22	-40	-22	-30	-82	-120	-310
Net Cash From Continuing Investing Activities	-12	-15	-7.58	-73	-22	-40	-22	-30	-82	-120	-310
Purchase of Property, Plant & Equipment	-37	-15	-7.58	-73	-22	-40	-22	-30	-82	-120	-310
Net Cash From Financing Activities	85	0.04	64	54	-0.64	212	114	295	160	456	420
Net Cash From Continuing Financing Activities	85	0.04	64	54	-0.64	212	114	295	160	456	420
Repayment of Debt	-	-0.06	-0.06	-9.71	-0.06	-5.22	-0.06	-4.34	-49	-6.47	-0.98
Repurchase of Common Equity	-	-	-	-0.81	0.66	-0.38	-	-4.15	-5.25	-1.46	-8.38
Issuance of Debt	-	0.00	-	64	-	110	35	-	-	449	24
Issuance of Common Equity	88	0.10	64	0.76	-0.36	108	82	152	215	60	410
Other Financing Activities, net	-	0.00	-	-	-0.87	-0.31	-0.93	151	-1.57	-46	-4.65
Effect of Exchange Rate Changes	1.26	-0.48	0.02	0.06	0.25	-	-	-	-0.42	0.06	-1.18
Cash Interest Paid	-	0.05	0.05	0.97	2.17	2.21	2.22	2.27	5.29	3.89	-3.07
Cash Income Taxes Paid	-	0.28	0.09	0.14	-0.02	0.71	0.19	0.23	0.53	0.70	0.62

This table presents AST SpaceMobile's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	232	100	444	438	361	955
Total Current Assets	0.62	51	336	268	107	600
Cash & Equivalents	0.49	43	322	239	86	565
Restricted Cash	-	0.00	2.75	0.67	2.48	2.55
Prepaid Expenses	0.13	1.25	2.83	4.10	4.59	7.89
Other Current Assets	-	2.23	4.85	25	14	25
Plant, Property, & Equipment, net	0.00	37	96	146	238	338
Total Noncurrent Assets	231	12	12	24	16	17
Other Noncurrent Operating Assets	-	7.21	8.55	24	16	17
Total Liabilities & Shareholders' Equity	232	100	444	438	361	955
Total Liabilities	24	20	92	79	147	285
Total Current Liabilities	0.27	13	21	28	46	76
Short-Term Debt	-	-	-	0.24	0.25	2.92
Accounts Payable	0.24	4.99	6.64	14	21	17
Accrued Expenses	-	4.22	7.47	13	24	12
Other Current Liabilities	-	0.50	0.63	0.72	1.47	44
Total Noncurrent Liabilities	8.05	6.54	71	51	101	209
Long-Term Debt	-	0.00	5.00	4.76	59	156
Other Noncurrent Operating Liabilities	8.05	6.54	66	46	42	54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5.00	80	352	360	214	669
Total Preferred & Common Equity	5.00	77	100	134	99	479
Total Common Equity	5.00	77	100	134	99	479
Common Stock	7.88	118	171	235	288	969
Retained Earnings	-2.88	-40	-70	-102	-190	-490
Accumulated Other Comprehensive Income / (Loss)	-	-0.17	-0.43	0.23	0.23	-0.18
Noncontrolling Interest	-	2.49	252	226	115	190

This table presents AST SpaceMobile's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	386	401	408	402	502	580	822	1,370	1,881
Total Current Assets	225	227	222	163	240	315	546	895	973
Cash & Equivalents	199	185	191	133	210	285	516	874	924
Restricted Cash	0.66	0.65	0.64	2.42	2.47	2.48	2.50	0.68	16
Prepaid Expenses	5.65	3.23	7.13	6.26	5.03	7.36	7.07	6.13	10
Other Current Assets	20	38	23	21	22	20	20	14	24
Plant, Property, & Equipment, net	136	159	172	224	245	248	260	451	762
Total Noncurrent Assets	25	15	15	15	17	16	16	24	147
Other Noncurrent Operating Assets	25	15	15	15	17	16	16	24	147
Total Liabilities & Shareholders' Equity	386	401	408	402	502	580	822	1,370	1,881
Total Liabilities	90	84	73	115	216	338	319	603	724
Total Current Liabilities	21	36	31	27	32	49	94	84	118
Short-Term Debt	-	-	-	-	0.26	0.26	45	3.70	7.62
Accounts Payable	9.55	11	5.11	7.81	15	12	8.96	11	23
Accrued Expenses	11	23	24	18	16	14	16	26	43
Other Current Liabilities	0.80	0.95	1.31	1.38	1.51	23	24	44	45
Total Noncurrent Liabilities	68	48	42	88	184	288	225	519	605
Long-Term Debt	4.82	4.70	4.63	59	161	200	156	462	483
Other Noncurrent Operating Liabilities	64	44	37	29	23	89	69	57	123
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	297	317	336	287	286	242	503	767	1,158
Total Preferred & Common Equity	91	119	146	128	165	145	309	569	867
Total Common Equity	91	119	146	128	165	145	309	569	867
Common Stock	185	237	283	286	374	427	762	1,104	1,501
Retained Earnings	-94	-118	-137	-158	-209	-282	-454	-535	-635
Accumulated Other Comprehensive Income / (Loss)	-0.27	0.18	0.16	0.01	0.12	0.05	0.35	0.10	1.11
Noncontrolling Interest	205	198	190	159	121	97	194	198	290

This table displays calculated financial ratios and metrics derived from AST SpaceMobile's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	107.89%	11.45%	-100.00%	0.00%
EBITDA Growth	0.00%	-190.02%	-79.15%	-29.37%	-181.65%
EBIT Growth	0.00%	-191.42%	-78.43%	-68.48%	-139.66%
NOPAT Growth	0.00%	-256.14%	-68.04%	-52.55%	-9.17%
Net Income Growth	0.00%	-200.19%	-40.75%	-115.95%	-136.36%
EPS Growth	0.00%	0.00%	-56.76%	-84.48%	-81.31%
Operating Cash Flow Growth	0.00%	-251.19%	-95.35%	4.81%	15.31%
Free Cash Flow Firm Growth	0.00%	0.00%	-248.85%	-10.19%	-13.96%
Invested Capital Growth	0.00%	-12.83%	287.14%	47.30%	40.62%
Revenue Q/Q Growth	0.00%	23.42%	-31.07%	100.00%	76.72%
EBITDA Q/Q Growth	0.00%	5.84%	-13.32%	-22.23%	4.23%
EBIT Q/Q Growth	0.00%	5.05%	-13.15%	-29.16%	5.69%
NOPAT Q/Q Growth	0.00%	-33.08%	-10.73%	-8.95%	0.88%
Net Income Q/Q Growth	0.00%	4.01%	-13.52%	-30.49%	4.54%
EPS Q/Q Growth	0.00%	0.00%	-16.00%	-28.92%	9.35%
Operating Cash Flow Q/Q Growth	0.00%	-17.17%	-9.49%	6.37%	-2.89%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-1.96%	-425.79%	31.21%
Invested Capital Q/Q Growth	0.00%	1,102.19%	23.15%	0.00%	40.75%
Profitability Metrics	-	-	-	-	-
Gross Margin	49.30%	39.03%	100.00%	0.00%	100.00%
EBITDA Margin	-393.33%	-548.71%	-882.02%	0.00%	-10,056.93%
Operating Margin	-408.20%	-699.28%	-1,054.35%	0.00%	-5,494.84%
EBIT Margin	-408.20%	-572.19%	-916.09%	0.00%	-11,575.12%
Profit (Net Income) Margin	-409.00%	-590.58%	-745.84%	0.00%	-11,913.31%
Tax Burden Percent	100.54%	100.45%	100.60%	100.76%	100.25%
Interest Burden Percent	99.66%	102.75%	80.93%	103.57%	102.66%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-45.82%	-174.38%	-129.15%	0.00%	-76.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-28.63%	-167.45%	-128.76%	0.00%	86.51%
Return on Net Nonoperating Assets (RNNOA)	15.31%	140.46%	100.18%	0.00%	-42.89%
Return on Equity (ROE)	-30.51%	-33.92%	-28.97%	-77.67%	-119.25%
Cash Return on Invested Capital (CROIC)	0.00%	-160.66%	-247.04%	-138.50%	-110.13%
Operating Return on Assets (OROA)	-14.70%	-26.12%	-28.71%	0.00%	-77.75%
Return on Assets (ROA)	-14.72%	-26.96%	-23.37%	0.00%	-80.02%
Return on Common Equity (ROCE)	-29.62%	-13.96%	-9.52%	-31.50%	-78.10%
Return on Equity Simple (ROE_SIMPLE)	-31.49%	-73.06%	-77.22%	-224.95%	-109.85%
Net Operating Profit after Tax (NOPAT)	-17	-61	-102	-156	-170
NOPAT Margin	-285.74%	-489.50%	-738.05%	0.00%	-3,846.39%
Net Nonoperating Expense Percent (NNEP)	-17.19%	-6.92%	-0.39%	-51.00%	-162.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-27.97%	-57.00%	-20.53%
Cost of Revenue to Revenue	50.70%	60.97%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	425.69%	525.88%	741.73%	0.00%	3,509.67%
R&D to Revenue	16.94%	188.96%	329.98%	0.00%	651.49%
Operating Expenses to Revenue	457.50%	738.32%	1,154.35%	0.00%	5,594.84%
Earnings before Interest and Taxes (EBIT)	-24	-71	-127	-213	-511
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-23	-68	-122	-158	-444
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	5.04	14.37	6.68	13.26	12.76
Price to Tangible Book Value (P/TBV)	5.34	14.91	6.68	13.26	12.76
Price to Revenue (P/Rev)	65.43	116.19	64.57	0.00	1,383.75
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	9.41	42.35	7.05	7.56	22.66
Enterprise Value to Revenue (EV/Rev)	58.68	110.72	63.99	0.00	1,334.18
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.01	0.01	0.28	0.24
Long-Term Debt to Equity	0.00	0.01	0.01	0.28	0.23
Financial Leverage	-0.53	-0.84	-0.78	-0.46	-0.50
Leverage Ratio	3.90	1.26	1.24	1.39	1.49
Compound Leverage Factor	3.89	1.29	1.00	1.44	1.53
Debt to Total Capital	0.00%	1.40%	1.37%	21.79%	19.15%
Short-Term Debt to Total Capital	0.00%	0.00%	0.07%	0.09%	0.35%
Long-Term Debt to Total Capital	0.00%	1.40%	1.30%	21.70%	18.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.11%	70.51%	62.03%	41.96%	22.96%
Common Equity to Total Capital	96.89%	28.09%	36.60%	36.25%	57.89%
Debt to EBITDA	0.00	-0.07	-0.04	-0.38	-0.36
Net Debt to EBITDA	0.00	4.69	1.92	0.18	0.92
Long-Term Debt to EBITDA	0.00	-0.07	-0.04	-0.38	-0.35
Debt to NOPAT	0.00	-0.08	-0.05	-0.38	-0.93
Net Debt to NOPAT	0.00	5.26	2.30	0.18	2.41
Long-Term Debt to NOPAT	0.00	-0.08	-0.05	-0.38	-0.92
Altman Z-Score	11.06	9.53	6.23	2.86	11.03
Noncontrolling Interest Sharing Ratio	2.93%	58.84%	67.15%	59.45%	34.51%
Liquidity Ratios	-	-	-	-	-
Current Ratio	3.88	15.71	9.65	2.31	7.90
Quick Ratio	3.42	15.15	8.58	1.85	7.44
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-56	-195	-215	-245
Operating Cash Flow to CapEx	-280.77%	-531.13%	-273.14%	-125.36%	-72.44%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-903.56	-47.67	-8.27
Operating Cash Flow to Interest Expense	0.00	0.00	-724.37	-33.02	-4.26
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-989.57	-59.35	-10.13
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.04	0.05	0.03	0.00	0.01
Accounts Receivable Turnover	0.00	5.83	0.00	0.00	0.00
Inventory Turnover	0.00	3.78	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.19	0.11	0.00	0.02
Accounts Payable Turnover	1.16	1.30	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	62.58	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	96.59	0.00	0.00	0.00
Days Payable Outstanding (DPO)	315.54	280.59	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-315.54	-121.41	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	37	32	126	185	260
Invested Capital Turnover	0.16	0.36	0.18	0.00	0.02
Increase / (Decrease) in Invested Capital	0.00	-4.78	93	59	75
Enterprise Value (EV)	350	1,374	885	1,399	5,894
Market Capitalization	390	1,441	893	1,313	6,113
Book Value per Share	$2.70	$0.55	$0.72	$0.45	$1.65
Tangible Book Value per Share	$2.54	$0.53	$0.72	$0.45	$1.65
Total Capital	80	357	365	273	828
Total Debt	0.00	5.00	5.00	60	158
Total Long-Term Debt	0.00	5.00	4.76	59	156
Net Debt	-43	-320	-234	-29	-409
Capital Expenditures (CapEx)	8.12	15	57	119	174
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.96	-10	1.50	-27	-40
Debt-free Net Working Capital (DFNWC)	38	314	241	61	527
Net Working Capital (NWC)	38	314	241	61	524
Net Nonoperating Expense (NNE)	7.36	13	1.08	67	356
Net Nonoperating Obligations (NNO)	-43	-320	-234	-29	-409
Total Depreciation and Amortization (D&A)	0.89	2.91	4.71	56	67
Debt-free, Cash-free Net Working Capital to Revenue	-83.16%	-81.51%	10.85%	0.00%	-912.43%
Debt-free Net Working Capital to Revenue	633.74%	2,534.67%	1,741.45%	0.00%	11,933.52%
Net Working Capital to Revenue	633.74%	2,534.67%	1,739.70%	0.00%	11,867.45%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.37)	($0.58)	($1.07)	($1.94)
Adjusted Weighted Average Basic Shares Outstanding	0.00	181.58M	54.44M	81.82M	154.50M
Adjusted Diluted Earnings per Share	$0.00	($0.37)	($0.58)	($1.07)	($1.94)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	181.58M	54.44M	81.82M	154.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.37)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	51.73M	200.08M	138.13M	316.49M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-61	-102	-156	-170
Normalized NOPAT Margin	-285.74%	-489.50%	-738.05%	0.00%	-3,846.39%
Pre Tax Income Margin	-406.80%	-587.91%	-741.38%	0.00%	-11,883.25%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-586.34	-47.30	-17.25
NOPAT to Interest Expense	0.00	0.00	-472.38	-34.51	-5.73
EBIT Less CapEx to Interest Expense	0.00	0.00	-851.55	-73.64	-23.12
NOPAT Less CapEx to Interest Expense	0.00	0.00	-737.59	-60.84	-11.61
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-31.74%	0.00%	-2.66%	-0.39%	-2.31%

This table displays calculated financial ratios and metrics derived from AST SpaceMobile's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.02%	-100.00%	-100.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	43.60%	28.44%
EBITDA Growth	-149.60%	4.06%	-513.62%	41.89%	-121.53%	53.32%	-187.46%	-793.89%	37.02%	-233.93%	-16.67%
EBIT Growth	-140.96%	2.27%	-607.46%	8.68%	-191.45%	-0.89%	-150.28%	-487.48%	42.04%	-77.46%	-6.73%
NOPAT Growth	-49.58%	-37.49%	-91.38%	-45.66%	-42.87%	-24.85%	-8.48%	-11.16%	3.54%	-13.45%	-15.56%
Net Income Growth	-95.89%	-19.29%	-514.64%	-58.33%	-207.39%	11.97%	-164.88%	-497.23%	32.45%	-59.85%	-3.47%
EPS Growth	-160.00%	-9.52%	-300.00%	-27.78%	-184.62%	30.43%	-112.50%	-378.26%	54.05%	-25.00%	19.61%
Operating Cash Flow Growth	-63.11%	20.58%	-22.58%	-9.52%	28.94%	-27.53%	67.86%	7.28%	-14.21%	40.68%	-169.18%
Free Cash Flow Firm Growth	-710.82%	52.70%	59.83%	147.56%	17.04%	-35.59%	36.08%	-480.09%	-13.95%	-22.05%	-1,131.34%
Invested Capital Growth	287.14%	106.87%	32.15%	0.00%	47.30%	72.51%	3.40%	0.00%	40.62%	52.72%	359.75%
Revenue Q/Q Growth	-100.02%	100.00%	0.00%	0.00%	0.00%	0.00%	80.00%	22.22%	74.36%	-62.57%	61.00%
EBITDA Q/Q Growth	56.69%	-47.30%	-6.41%	14.41%	-65.12%	0.00%	-555.32%	-166.16%	88.37%	-64.55%	-128.95%
EBIT Q/Q Growth	55.36%	-46.85%	-39.61%	0.22%	-42.46%	0.00%	-246.33%	-134.22%	85.94%	-55.65%	-108.30%
NOPAT Q/Q Growth	-5.26%	-4.33%	-30.63%	-1.54%	-3.24%	0.00%	-13.50%	-4.05%	10.41%	-7.22%	-15.62%
Net Income Q/Q Growth	21.72%	-80.22%	-9.67%	-2.34%	-51.97%	0.00%	-229.99%	-130.74%	82.81%	-22.14%	-113.59%
EPS Q/Q Growth	27.78%	-76.92%	-4.35%	4.17%	-60.87%	0.00%	-218.75%	-115.69%	84.55%	-17.65%	-105.00%
Operating Cash Flow Q/Q Growth	-6.44%	-7.69%	-33.19%	28.26%	30.93%	0.00%	66.44%	-106.97%	14.92%	-0.37%	-52.31%
Free Cash Flow Firm Q/Q Growth	3.64%	17.59%	24.11%	178.92%	-268.08%	0.00%	64.22%	-369.23%	49.61%	-44.27%	-260.96%
Invested Capital Q/Q Growth	23.15%	8.25%	9.65%	-100.00%	0.00%	0.00%	-34.28%	19.92%	40.75%	37.68%	97.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-3,288.20%	-11,971.22%	-26,069.82%	-1,739.57%	-7,646.52%	-10,873.44%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-11,100.00%	-6,999.22%	-5,958.73%	-3,061.68%	-8,769.22%	-6,297.32%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-7,457.20%	-14,348.11%	-27,496.18%	-2,216.48%	-9,215.74%	-11,922.92%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-7,960.80%	-14,594.44%	-27,552.73%	-2,716.16%	-8,861.84%	-11,756.31%
Tax Burden Percent	99.47%	100.26%	98.43%	100.53%	102.78%	100.74%	100.18%	100.21%	100.30%	100.26%	100.55%
Interest Burden Percent	100.23%	122.04%	97.64%	98.05%	102.30%	105.96%	101.54%	99.99%	122.17%	95.91%	98.06%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-20.98%	-45.25%	-112.85%	-42.55%	-96.04%	-50.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-20.16%	18.30%	48.91%	-37.53%	-87.54%	-18.36%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	7.77%	-8.70%	-30.93%	18.61%	38.25%	7.05%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	-77.67%	-13.21%	-53.95%	-143.78%	-23.94%	-57.79%	-42.95%
Cash Return on Invested Capital (CROIC)	-247.04%	-179.27%	-126.95%	0.00%	-138.50%	-141.43%	-113.41%	-385.54%	-110.13%	-100.84%	-170.74%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-8.26%	-40.66%	-83.66%	-14.89%	-45.66%	-47.40%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-8.82%	-41.36%	-83.83%	-18.24%	-43.91%	-46.74%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	-31.50%	-6.20%	-27.22%	-88.34%	-15.68%	-40.25%	-31.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-93.05%	-103.92%	0.00%	0.00%	-132.05%	-205.89%	-178.48%	0.00%	-96.76%	0.00%
Net Operating Profit after Tax (NOPAT)	-30	-31	-41	-41	-43	-39	-44	-46	-41	-44	-51
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-7,770.00%	-4,899.46%	-4,171.11%	-2,143.18%	-6,138.45%	-4,408.12%
Net Nonoperating Expense Percent (NNEP)	1.71%	-6.54%	-4.65%	0.00%	-26.26%	-0.82%	-63.55%	-161.76%	-5.02%	-8.50%	-31.64%
Return On Investment Capital (ROIC_SIMPLE)	-8.18%	-	-	-	-15.61%	-	-	-	-4.97%	-3.58%	-3.09%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	6,359.60%	4,337.89%	3,398.09%	2,442.08%	6,349.30%	4,830.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	851.40%	495.56%	1,338.55%	278.52%	993.73%	553.03%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	11,200.00%	7,099.22%	6,058.73%	3,161.68%	8,869.22%	6,397.32%
Earnings before Interest and Taxes (EBIT)	-25	-37	-52	-51	-73	-37	-129	-302	-43	-66	-138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-24	-35	-37	-32	-53	-16	-108	-287	-33	-55	-126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.68	8.57	6.56	0.00	13.26	3.84	20.59	22.80	12.76	12.66	17.68
Price to Tangible Book Value (P/TBV)	6.68	8.57	6.56	0.00	13.26	3.84	20.59	22.80	12.76	12.66	17.68
Price to Revenue (P/Rev)	64.57	88.92	230.24	0.00	0.00	1,262.52	2,135.67	2,817.87	1,383.75	1,552.42	3,134.98
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	7.05	7.60	6.46	0.00	7.56	2.99	19.46	37.45	22.66	19.51	21.42
Enterprise Value to Revenue (EV/Rev)	63.99	90.43	230.92	0.00	0.00	1,402.43	2,142.01	2,768.22	1,334.18	1,507.02	3,102.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.00	0.28	0.56	0.83	0.40	0.24	0.61	0.42
Long-Term Debt to Equity	0.01	0.01	0.01	0.00	0.28	0.56	0.83	0.31	0.23	0.60	0.42
Financial Leverage	-0.78	-0.68	-0.59	0.00	-0.46	-0.39	-0.48	-0.63	-0.50	-0.44	-0.38
Leverage Ratio	1.24	1.29	1.23	0.00	1.39	1.50	1.71	1.63	1.49	1.78	1.76
Compound Leverage Factor	1.24	1.57	1.20	0.00	1.43	1.59	1.74	1.63	1.82	1.71	1.72
Debt to Total Capital	1.37%	1.46%	1.36%	0.00%	21.79%	36.04%	45.24%	28.55%	19.15%	37.80%	29.74%
Short-Term Debt to Total Capital	0.07%	0.00%	0.00%	0.00%	0.09%	0.06%	0.06%	6.34%	0.35%	0.30%	0.46%
Long-Term Debt to Total Capital	1.30%	1.46%	1.36%	0.00%	21.70%	35.99%	45.18%	22.20%	18.80%	37.50%	29.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	62.03%	61.64%	55.70%	0.00%	41.96%	27.14%	21.88%	27.55%	22.96%	16.07%	17.62%
Common Equity to Total Capital	36.60%	36.90%	42.94%	0.00%	36.25%	36.81%	32.88%	43.90%	57.89%	46.13%	52.63%
Debt to EBITDA	-0.04	-0.04	-0.03	0.00	-0.38	-1.16	-0.95	-0.43	-0.36	-0.97	-0.98
Net Debt to EBITDA	1.92	1.50	1.23	0.00	0.18	0.37	0.42	0.69	0.92	0.85	0.90
Long-Term Debt to EBITDA	-0.04	-0.04	-0.03	0.00	-0.38	-1.16	-0.95	-0.34	-0.35	-0.96	-0.96
Debt to NOPAT	-0.05	-0.04	-0.04	0.00	-0.38	-0.99	-1.20	-1.17	-0.93	-2.66	-2.69
Net Debt to NOPAT	2.30	1.64	1.44	0.00	0.18	0.31	0.53	1.85	2.41	2.33	2.47
Long-Term Debt to NOPAT	-0.05	-0.04	-0.04	0.00	-0.38	-0.98	-1.20	-0.91	-0.92	-2.64	-2.65
Altman Z-Score	6.99	7.16	7.62	0.00	4.14	1.42	4.45	11.93	12.65	7.17	12.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	59.45%	53.02%	49.55%	38.56%	34.51%	30.35%	27.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.65	6.39	7.22	0.00	2.31	7.51	6.38	5.80	7.90	10.62	8.23
Quick Ratio	8.58	5.21	6.22	0.00	1.85	6.59	5.77	5.49	7.44	10.38	7.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-123	-101	-77	61	-102	-137	-49	-231	-116	-168	-605
Operating Cash Flow to CapEx	-95.74%	-245.21%	-662.66%	-49.06%	-111.44%	-121.62%	-72.75%	-110.24%	-34.67%	-23.70%	-14.02%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-11.56	-61.84	-21.97	-166.44	-4.88	-35.41	-107.01
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-2.82	-21.66	-7.22	-24.12	-1.20	-6.03	-7.69
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-5.35	-39.46	-17.14	-46.00	-4.64	-31.46	-62.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.11	0.08	0.03	0.00	0.00	0.00	0.01	0.01	0.02	0.01	0.01
Accounts Payable Turnover	0.00	0.52	0.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	705.03	741.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	-705.03	-741.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	126	136	149	0.00	185	234	154	185	260	358	709
Invested Capital Turnover	0.18	0.11	0.03	0.00	0.00	0.00	0.01	0.03	0.02	0.02	0.01
Increase / (Decrease) in Invested Capital	93	70	36	-102	59	99	5.07	185	75	124	554
Enterprise Value (EV)	885	1,034	962	0.00	1,399	701	2,999	6,921	5,894	6,987	15,177
Market Capitalization	893	1,016	959	827	1,313	631	2,990	7,045	6,113	7,197	15,336
Book Value per Share	$0.72	$0.64	$0.72	$0.00	$0.45	$0.76	$0.56	$1.15	$1.65	$1.80	$2.64
Tangible Book Value per Share	$0.72	$0.64	$0.72	$0.00	$0.45	$0.76	$0.56	$1.15	$1.65	$1.80	$2.64
Total Capital	365	322	341	0.00	273	447	442	704	828	1,233	1,648
Total Debt	5.00	4.70	4.63	0.00	60	161	200	201	158	466	490
Total Long-Term Debt	4.76	4.70	4.63	0.00	59	161	200	156	156	462	483
Net Debt	-234	-181	-187	0.00	-29	-51	-88	-318	-409	-409	-449
Capital Expenditures (CapEx)	37	15	7.58	73	22	40	22	30	82	120	310
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.50	5.87	-0.57	0.00	-27	-4.56	-22	-23	-40	-60	-77
Debt-free Net Working Capital (DFNWC)	241	192	191	0.00	61	208	266	496	527	814	863
Net Working Capital (NWC)	241	192	191	0.00	61	208	266	452	524	810	855
Net Nonoperating Expense (NNE)	-4.74	14	8.94	9.47	35	0.95	87	257	11	20	85
Net Nonoperating Obligations (NNO)	-234	-181	-187	0.00	-29	-51	-88	-318	-409	-409	-449
Total Depreciation and Amortization (D&A)	1.25	1.73	14	19	20	21	21	16	9.15	11	12
Debt-free, Cash-free Net Working Capital to Revenue	10.85%	51.33%	-13.58%	0.00%	0.00%	-911.40%	-1,538.07%	-908.36%	-912.43%	-1,302.24%	-1,571.46%
Debt-free Net Working Capital to Revenue	1,741.45%	1,675.82%	4,581.35%	0.00%	0.00%	41,576.60%	19,002.43%	19,847.08%	11,933.52%	17,560.09%	17,631.32%
Net Working Capital to Revenue	1,739.70%	1,675.82%	4,581.35%	0.00%	0.00%	41,525.60%	18,984.00%	18,061.68%	11,867.45%	17,480.31%	17,475.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.23)	($0.24)	$0.00	($0.37)	($0.16)	($0.51)	($1.10)	($0.17)	($0.20)	($0.41)
Adjusted Weighted Average Basic Shares Outstanding	54.44M	71.85M	75.64M	0.00	81.82M	121.45M	141.19M	155.64M	154.50M	223.97M	241.99M
Adjusted Diluted Earnings per Share	($0.13)	($0.23)	($0.24)	$0.00	($0.37)	($0.16)	($0.51)	($1.10)	($0.17)	($0.20)	($0.41)
Adjusted Weighted Average Diluted Shares Outstanding	54.44M	71.85M	75.64M	0.00	81.82M	121.45M	141.19M	155.64M	154.50M	223.97M	241.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	200.08M	204.13M	217.68M	0.00	138.13M	257.53M	269.39M	289.73M	316.49M	328.19M	358.52M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-31	-41	-41	-43	-39	-44	-46	-41	-44	-51
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-7,770.00%	-4,899.46%	-4,171.11%	-2,143.18%	-6,138.45%	-4,408.12%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-7,902.00%	-14,568.78%	-27,494.00%	-2,707.98%	-8,838.44%	-11,692.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-8.31	-16.78	-57.70	-218.22	-1.79	-13.97	-24.36
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-4.83	-17.48	-19.70	-33.10	-1.73	-9.31	-9.01
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-10.85	-34.59	-67.62	-240.10	-5.23	-39.41	-79.19
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-7.36	-35.29	-29.62	-54.98	-5.17	-34.74	-63.84
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.66%	0.00%	0.00%	0.00%	-0.39%	0.00%	0.00%	0.00%	-2.31%	-2.41%	-3.47%

Financials Breakdown Chart

Key Financial Trends

AST SpaceMobile Inc. (NASDAQ: ASTSW) continues to show significant operational investment but ongoing losses for the trailing twelve months ending Q2 2025.

Positive Highlights:

Strong cash position with cash & equivalents increasing to $923.6 million in Q2 2025 from $873.8 million in Q1 2025, reflecting substantial liquidity.
Significant equity financing with issuance of common equity totaling $409.5 million in Q2 2025, indicating investor confidence and capital access.
Substantial capital expenditures continue, with $310.2 million spent on property, plant, and equipment in Q2 2025, supporting growth and infrastructure development.
Net cash from financing activities is positive $419.8 million in Q2 2025 driven by debt and equity issuances, strengthening the capital structure.
The total common equity and noncontrolling interests increased significantly to $1.16 billion as of Q2 2025, reflecting continuous equity influx and reinvestment.

Neutral Observations:

Operating revenue remains very low at $1.15 million in Q2 2025, showing the company is still in the early commercial phase with limited revenue generation.
Depreciation expenses of $11.7 million in Q2 2025 indicate the scale of assets deployed but also highlight ongoing costs from prior investments.
Change in operating assets and liabilities contributes a small positive cash flow of $4.8 million in Q2 2025, showing routine working capital movements.
Issuance and repayment of debt and equity occur frequently, demonstrating the company’s active management of financing but also potential dilution.

Negative Factors:

AST SpaceMobile recorded a net loss attributable to common shareholders of approximately $99.4 million for Q2 2025, deepening from prior quarters.
Consistent negative operating income (loss of $72.8 million in Q2 2025) and significant selling, general & administrative expenses over $55.8 million indicate high operational costs relative to revenue.
Net cash used in operating activities was $43.5 million in Q2 2025, showing the company is still burning cash to sustain operations.
Other income/expense net negative balance of $65 million in Q2 2025 further dragged operating results, indicating non-core costs or losses.
The weighted average shares outstanding increased to 242 million basic shares in Q2 2025 from 222 million in Q1 2025, suggesting dilution risk for existing shareholders.
Heavy capital expenditures combined with persistent net losses highlight ongoing cash burn, which may require continued external financing.
Retention of negative retained earnings at $634.8 million as of Q2 2025 reflects cumulative losses on the balance sheet.

Summary: AST SpaceMobile remains in a capital-intensive startup phase with negligible revenues but high spending on technology deployment and operations. The company’s balance sheet reflects strong liquidity bolstered by equity offerings and debt, cushioning against operating losses observed consistently over the past quarters. For growth-minded investors, the company’s large cash reserves and capital investments position it to capitalize on future market opportunities, but ongoing losses and cash burn emphasize risk and the need for prudent capital management.

10/10/25 09:57 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About AST SpaceMobile's Financials

When does AST SpaceMobile's financial year end?

According to the most recent income statement we have on file, AST SpaceMobile's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has AST SpaceMobile's net income changed over the last 4 years?

AST SpaceMobile's net income appears to be on an upward trend, with a most recent value of -$526.33 million in 2024, rising from -$24.41 million in 2020. The previous period was -$222.68 million in 2023. Find out what analysts predict for AST SpaceMobile in the coming months.

What is AST SpaceMobile's operating income?

AST SpaceMobile's total operating income in 2024 was -$242.76 million, based on the following breakdown:

Total Gross Profit: $4.42 million
Total Operating Expenses: $247.18 million

How has AST SpaceMobile's revenue changed over the last 4 years?

Over the last 4 years, AST SpaceMobile's total revenue changed from $5.97 million in 2020 to $4.42 million in 2024, a change of -26.0%.

How much debt does AST SpaceMobile have?

AST SpaceMobile's total liabilities were at $285.42 million at the end of 2024, a 93.7% increase from 2023, and a 1,075.4% increase since 2019.

How much cash does AST SpaceMobile have?

In the past 5 years, AST SpaceMobile's cash and equivalents has ranged from $493.13 thousand in 2019 to $564.99 million in 2024, and is currently $564.99 million as of their latest financial filing in 2024.

How has AST SpaceMobile's book value per share changed over the last 4 years?

Over the last 4 years, AST SpaceMobile's book value per share changed from 2.70 in 2020 to 1.65 in 2024, a change of -38.7%.

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This page (NASDAQ:ASTS) was last updated on 10/10/2025 by MarketBeat.com Staff

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AST SpaceMobile (ASTS) Financials

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AST SpaceMobile (ASTS) Financials

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