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AST SpaceMobile (ASTS) Financials

AST SpaceMobile logo
$58.05 -3.39 (-5.52%)
As of 08/28/2026 04:00 PM Eastern
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Annual Income Statements for AST SpaceMobile

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -24 -31 -32 -88 -300 -342
Consolidated Net Income / (Loss)		 -24 -73 -103 -223 -526 -461
Net Income / (Loss) Continuing Operations		 -24 -73 -103 -223 -526 -461
Total Pre-Tax Income 		-24 -73 -102 -221 -525 -457
Total Operating Income		 -24 -87 -146 -222 -243 -288
Total Gross Profit		 2.94 4.84 14 0.00 4.42 36
Total Revenue		 5.97 12 14 0.00 4.42 71
Operating Revenue		 5.97 12 14 0.00 4.42 71
Total Cost of Revenue		 3.03 7.56 0.00 0.00 0.00 35
Operating Cost of Revenue		 3.03 7.56 - 0.00 0.00 35
Total Operating Expenses		 27 92 160 222 247 323
Selling, General & Admin Expense		 25 65 103 120 155 244
Research & Development Expense		 1.01 23 46 47 29 28
Depreciation Expense		 0.89 2.91 4.71 54 63 51
Total Other Income / (Expense), net		 0.08 14 43 1.37 -282 -169
Interest Expense		 - - 0.22 4.51 30 36
Interest & Investment Income		 0.08 -1.95 24 -3.10 16 -65
Other Income / (Expense), net		 0.00 16 19 8.99 -269 -68
Income Tax Expense		 0.13 0.33 0.62 1.68 1.33 3.90
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.34 -43 -71 -135 -226 -119
Basic Earnings per Share		 $0.00 ($0.37) ($0.58) ($1.07) ($1.94) ($1.34)
Weighted Average Basic Shares Outstanding		 0.00 51.73M 54.44M 81.82M 154.50M 255.98M
Diluted Earnings per Share		 $0.00 ($0.37) ($0.58) ($1.07) ($1.94) ($1.34)
Weighted Average Diluted Shares Outstanding		 0.00 51.73M 54.44M 81.82M 154.50M 255.98M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 51.73M 200.08M 138.13M 316.49M 382.02M

Quarterly Income Statements for AST SpaceMobile

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -32 -20 -73 -172 -36 -46 -99 -123 -74 -191 -231
Consolidated Net Income / (Loss)		 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250 -300
Net Income / (Loss) Continuing Operations		 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250 -300
Total Pre-Tax Income 		-75 -40 -131 -302 -52 -63 -135 -163 -95 -248 -299
Total Operating Income		 -61 -56 -63 -66 -59 -63 -73 -80 -72 -149 -298
Total Gross Profit		 - 0.50 0.90 1.10 1.92 0.72 1.16 15 19 3.09 7.95
Total Revenue		 - 0.50 0.90 1.10 1.92 0.72 1.16 15 54 15 32
Operating Revenue		 - 0.50 0.90 1.10 1.92 0.72 1.16 15 54 15 32
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 35 12 24
Operating Cost of Revenue		 - - - 0.00 - 0.00 0.00 - - 12 24
Total Operating Expenses		 61 56 64 67 61 64 74 94 91 152 306
Selling, General & Admin Expense		 31 32 39 37 47 46 56 71 72 128 151
Research & Development Expense		 11 4.26 4.46 15 5.34 7.14 6.39 5.53 9.06 7.13 7.77
Depreciation Expense		 20 20 20 15 8.46 11 12 13 16 18 21
Other Special Charges / (Income)		 - - - - - - 0.00 - - - 126
Total Other Income / (Expense), net		 -14 16 -68 -237 6.78 -0.50 -62 -84 -23 -99 -1.23
Interest Expense		 8.82 4.51 4.94 5.40 24 4.74 5.66 7.55 18 24 26
Interest & Investment Income		 7.13 2.29 2.95 5.42 14 7.45 8.33 -79 -1.78 -74 25
Other Income / (Expense), net		 -12 18 -66 -237 16 -3.21 -65 2.94 -2.85 -1.17 0.00
Income Tax Expense		 2.09 0.29 0.23 0.65 0.16 0.17 0.74 0.37 2.61 1.17 1.11
Net Income / (Loss) Attributable to Noncontrolling Interest		 -45 -20 -59 -131 -16 -18 -37 -41 -24 -59 -69
Basic Earnings per Share		 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66) ($0.77)
Weighted Average Basic Shares Outstanding		 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M 299.06M
Diluted Earnings per Share		 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66) ($0.77)
Weighted Average Diluted Shares Outstanding		 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M 299.06M
Weighted Average Basic & Diluted Shares Outstanding		 138.13M 257.53M 269.39M 289.73M 316.49M 328.19M 358.52M 367.02M 382.02M 388.12M 389.17M

Annual Cash Flow Statements for AST SpaceMobile

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 9.10 282 -85 -151 479 2,212
Net Cash From Operating Activities		 -23 -80 -156 -149 -126 -72
Net Cash From Continuing Operating Activities		 -30 -80 -157 -149 -126 -72
Net Income / (Loss) Continuing Operations		 -24 -73 -103 -223 -526 -461
Consolidated Net Income / (Loss)		 -24 -73 -103 -223 -526 -461
Depreciation Expense		 0.67 2.91 4.71 54 63 51
Amortization Expense		 0.22 - 0.00 1.16 3.73 6.76
Non-Cash Adjustments To Reconcile Net Income		 0.06 -11 -34 4.41 311 222
Changes in Operating Assets and Liabilities, net		 -6.54 1.71 -24 14 22 110
Net Cash From Investing Activities		 -30 -55 -31 -119 -174 -1,541
Net Cash From Continuing Investing Activities		 -30 -55 -31 -119 -174 -1,541
Purchase of Property, Plant & Equipment		 -8.12 -15 -57 -119 -174 -1,065
Acquisitions		 -0.02 - - 0.00 0.00 -56
Divestitures		 - 0.00 26 0.00 0.00 0.00
Other Investing Activities, net		 -22 -40 - 0.00 0.00 -420
Net Cash From Financing Activities		 70 417 102 117 780 3,827
Net Cash From Continuing Financing Activities		 70 417 102 117 780 3,827
Repayment of Debt		 -2.53 - 0.00 -9.90 -58 -20
Repurchase of Common Equity		 -7.75 - -2.75 -0.87 -12 -24
Issuance of Debt		 0.10 0.05 0.23 64 145 2,612
Issuance of Common Equity		 - 0.00 105 65 557 1,308
Other Financing Activities, net		 0.00 417 0.01 -0.87 148 -47
Effect of Exchange Rate Changes		 -0.17 -0.29 0.20 -0.14 -0.26 -2.41
Cash Interest Paid		 0.03 0.01 0.22 3.24 12 7.86
Cash Income Taxes Paid		 0.13 0.19 0.68 0.49 1.67 6.80

Quarterly Cash Flow Statements for AST SpaceMobile

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -48 124 75 231 49 307 65 281 1,560 679 -736
Net Cash From Operating Activities		 -25 -48 -16 -33 -28 -29 -43 -64 65 -48 -97
Net Cash From Continuing Operating Activities		 -25 -48 -16 -33 -28 -29 -43 -64 65 -48 -97
Net Income / (Loss) Continuing Operations		 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250 -300
Consolidated Net Income / (Loss)		 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250 -300
Depreciation Expense		 20 20 20 15 8.46 11 12 13 16 18 21
Amortization Expense		 0.78 0.90 1.00 1.15 0.69 0.31 0.41 2.32 3.72 4.25 4.39
Non-Cash Adjustments To Reconcile Net Income		 15 -13 80 244 1.04 12 75 97 38 152 192
Changes in Operating Assets and Liabilities, net		 17 -16 14 10 13 12 4.80 -12 105 27 -14
Net Cash From Investing Activities		 -22 -40 -22 -30 -82 -120 -310 -266 -844 -379 -600
Net Cash From Continuing Investing Activities		 -22 -40 -22 -30 -82 -120 -310 -266 -844 -379 -600
Purchase of Property, Plant & Equipment		 -22 -40 -22 -30 -82 -120 -310 -238 -396 -262 -598
Acquisitions		 - - - - - 0.00 - - -28 -18 -24
Other Investing Activities, net		 - - - - - 0.00 - - - -100 22
Net Cash From Financing Activities		 -0.64 212 114 295 160 456 420 611 2,340 1,105 -37
Net Cash From Continuing Financing Activities		 -0.64 212 114 295 160 456 420 611 2,340 1,102 -34
Repayment of Debt		 -0.06 -5.22 -0.06 -4.34 -49 -6.47 -0.98 -5.38 -7.52 -21 1.35
Issuance of Common Equity		 -0.36 108 82 152 215 60 410 115 723 83 6.92
Other Financing Activities, net		 -0.87 -0.31 -0.93 151 -1.57 -46 -4.65 -67 70 -20 -42
Cash Interest Paid		 2.17 2.21 2.22 2.27 5.29 3.89 -3.07 3.40 3.64 11 13
Cash Income Taxes Paid		 -0.02 0.71 0.19 0.23 0.53 0.70 0.62 0.34 5.14 1.02 1.09

Annual Balance Sheets for AST SpaceMobile

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 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 232 100 444 438 361 955 5,014
Total Current Assets		 0.62 51 336 268 107 600 2,459
Cash & Equivalents		 0.49 43 322 239 86 565 2,336
Restricted Cash		 - 0.00 2.75 0.67 2.48 2.55 0.88
Accounts Receivable		 - 2.08 2.17 - - 1.40 38
Inventories, net		 - 2.59 1.41 - - 1.06 12
Prepaid Expenses		 0.13 1.25 2.83 4.10 4.59 7.89 12
Other Current Assets		 - 2.23 4.85 25 14 22 60
Plant, Property, & Equipment, net		 0.00 37 96 146 238 338 1,399
Total Noncurrent Assets		 231 12 12 24 16 17 1,157
Goodwill		 - 3.91 3.64 - - 0.00 245
Other Noncurrent Operating Assets		 - 7.21 8.55 24 16 17 912
Total Liabilities & Shareholders' Equity		 232 100 444 438 361 955 5,014
Total Liabilities		 24 20 92 79 147 285 2,622
Total Current Liabilities		 0.27 13 21 28 46 76 150
Short-Term Debt		 - - - 0.24 0.25 2.92 12
Accounts Payable		 0.24 4.99 6.64 14 21 17 47
Accrued Expenses		 - 4.22 7.47 13 24 12 69
Current Deferred Revenue		 - 3.40 6.64 - - 42 20
Other Current Liabilities		 - 0.50 0.63 0.72 1.47 1.86 2.45
Total Noncurrent Liabilities		 8.05 6.54 71 51 101 209 2,472
Long-Term Debt		 - 0.00 5.00 4.76 59 156 2,208
Noncurrent Deferred Revenue		 - - - - - 0.00 207
Other Noncurrent Operating Liabilities		 8.05 6.54 66 46 42 54 57
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 5.00 80 352 360 214 669 2,392
Total Preferred & Common Equity		 5.00 77 100 134 99 479 1,841
Total Common Equity		 5.00 77 100 134 99 479 1,841
Common Stock		 7.88 118 171 235 288 969 2,672
Retained Earnings		 -2.88 -40 -70 -102 -190 -490 -832
Accumulated Other Comprehensive Income / (Loss)		 - -0.17 -0.43 0.23 0.23 -0.18 1.35
Noncontrolling Interest		 - 2.49 252 226 115 190 551

Quarterly Balance Sheets for AST SpaceMobile

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 401 408 402 502 580 822 1,370 1,881 2,551 6,051 5,855
Total Current Assets		 227 222 163 240 315 546 895 973 1,277 3,153 2,494
Cash & Equivalents		 185 191 133 210 285 516 874 924 1,204 3,030 2,288
Restricted Cash		 0.65 0.64 2.42 2.47 2.48 2.50 0.68 16 16 0.87 6.18
Accounts Receivable		 - - - - - - - - 11 27 79
Inventories, net		 - - - - - - - - 11 17 28
Prepaid Expenses		 3.23 7.13 6.26 5.03 7.36 7.07 6.13 10 9.27 11 17
Other Current Assets		 38 23 21 22 20 20 14 24 25 67 75
Plant, Property, & Equipment, net		 159 172 224 245 248 260 451 762 1,008 1,638 2,069
Total Noncurrent Assets		 15 15 15 17 16 16 24 147 266 1,260 1,292
Goodwill		 - 0.00 0.00 - - - - - 214 268 299
Other Noncurrent Operating Assets		 15 15 15 17 16 16 24 147 52 993 993
Total Liabilities & Shareholders' Equity		 401 408 402 502 580 822 1,370 1,881 2,551 6,051 5,855
Total Liabilities		 84 73 115 216 338 319 603 724 925 3,390 3,457
Total Current Liabilities		 36 31 27 32 49 94 84 118 134 171 191
Short-Term Debt		 - - - 0.26 0.26 45 3.70 7.62 8.95 8.24 8.49
Accounts Payable		 11 5.11 7.81 15 12 8.96 11 23 51 61 61
Accrued Expenses		 23 24 18 16 14 16 26 43 49 73 103
Current Deferred Revenue		 0.00 0.00 0.00 - - - - - 23 26 15
Other Current Liabilities		 0.95 1.31 1.38 1.51 23 24 44 45 2.14 3.04 3.75
Total Noncurrent Liabilities		 48 42 88 184 288 225 519 605 791 3,220 3,266
Long-Term Debt		 4.70 4.63 59 161 200 156 462 483 698 2,963 2,963
Noncurrent Deferred Revenue		 - - - - - - - - 43 207 252
Other Noncurrent Operating Liabilities		 44 37 29 23 89 69 57 123 50 49 51
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 317 336 287 286 242 503 767 1,158 1,626 2,661 2,398
Total Preferred & Common Equity		 119 146 128 165 145 309 569 867 1,240 2,079 1,894
Total Common Equity		 119 146 128 165 145 309 569 867 1,240 2,079 1,894
Common Stock		 237 283 286 374 427 762 1,104 1,501 1,997 3,101 3,146
Retained Earnings		 -118 -137 -158 -209 -282 -454 -535 -635 -758 -1,023 -1,254
Accumulated Other Comprehensive Income / (Loss)		 0.18 0.16 0.01 0.12 0.05 0.35 0.10 1.11 1.17 1.11 1.53
Noncontrolling Interest		 198 190 159 121 97 194 198 290 386 581 504

Annual Metrics And Ratios for AST SpaceMobile

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 367,019,330.00
DEI Adjusted Shares Outstanding		 - - - - - 367,019,330.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.93
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -17 -61 -102 -156 -170 -201
Return On Investment Capital (ROIC_SIMPLE)		 - - -27.97% -57.00% -20.53% -4.37%
Earnings before Interest and Taxes (EBIT)		 -24 -71 -127 -213 -511 -356
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -23 -68 -122 -158 -444 -298
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -56 -195 -215 -245 -2,217
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 37 32 126 185 260 2,275
Increase / (Decrease) in Invested Capital		 0.00 -4.78 93 59 75 2,015
Book Value per Share		 $2.70 $0.55 $0.72 $0.45 $1.65 $5.02
Tangible Book Value per Share		 $2.54 $0.53 $0.72 $0.45 $1.65 $4.35
Total Capital		 80 357 365 273 828 4,612
Total Debt		 0.00 5.00 5.00 60 158 2,220
Total Long-Term Debt		 0.00 5.00 4.76 59 156 2,208
Net Debt		 -43 -320 -234 -29 -409 -117
Capital Expenditures (CapEx)		 8.12 15 57 119 174 1,065
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.96 -10 1.50 -27 -40 -16
Debt-free Net Working Capital (DFNWC)		 38 314 241 61 527 2,320
Net Working Capital (NWC)		 38 314 241 61 524 2,308
Net Nonoperating Expense (NNE)		 7.36 13 1.08 67 356 260
Net Nonoperating Obligations (NNO)		 -43 -320 -234 -29 -409 -117
Total Depreciation and Amortization (D&A)		 0.89 2.91 4.71 56 67 58
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.37) ($0.58) ($1.07) ($1.94) ($1.34)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 181.58M 54.44M 81.82M 154.50M 255.98M
Adjusted Diluted Earnings per Share		 $0.00 ($0.37) ($0.58) ($1.07) ($1.94) ($1.34)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 181.58M 54.44M 81.82M 154.50M 255.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.37) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 51.73M 200.08M 138.13M 316.49M 382.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -61 -102 -156 -170 -201
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for AST SpaceMobile

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 367,019,330.00 382,015,228.00 388,124,572.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 367,019,330.00 382,015,228.00 388,124,572.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.20 -0.50 -0.59
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 43.60% 28.44% 1,239.91% - 1,952.23% 2,626.64%
EBITDA Growth		 -121.53% 53.32% -187.46% -793.89% 37.02% -233.93% -16.67% 78.48% - -134.46% -116.81%
EBIT Growth		 -191.45% -0.89% -150.28% -487.48% 42.04% -77.46% -6.73% 74.63% - -127.58% -115.90%
NOPAT Growth		 -42.87% -24.85% -8.48% -11.16% 3.54% -13.45% -15.56% -21.56% - -137.30% -308.78%
Net Income Growth		 -207.39% 11.97% -164.88% -497.23% 32.45% -59.85% -3.47% 45.95% - -292.25% -120.69%
EPS Growth		 -184.62% 30.43% -112.50% -378.26% 54.05% -25.00% 19.61% 59.09% - -230.00% -87.80%
Operating Cash Flow Growth		 28.94% -27.53% 67.86% 7.28% -14.21% 40.68% -169.18% -92.83% - -68.35% -123.46%
Free Cash Flow Firm Growth		 17.04% -35.59% 36.08% -480.09% -13.95% -22.05% -1,131.34% -4,661.92% - -1,300.30% -325.35%
Invested Capital Growth		 47.30% 72.51% 3.40% 0.00% 40.62% 52.72% 359.75% 501.98% - 626.55% 334.02%
Revenue Q/Q Growth		 0.00% 0.00% 80.00% 22.22% 74.36% -62.57% 61.00% 1,175.00% - -72.87% 113.91%
EBITDA Q/Q Growth		 -65.12% 0.00% -555.32% -166.16% 88.37% -64.55% -128.95% 50.91% - -131.14% -111.71%
EBIT Q/Q Growth		 -42.46% 0.00% -246.33% -134.22% 85.94% -55.65% -108.30% 44.32% - -100.43% -97.61%
NOPAT Q/Q Growth		 -3.24% 0.00% -13.50% -4.05% 10.41% -7.22% -15.62% -9.45% - -106.72% -99.17%
Net Income Q/Q Growth		 -51.97% 0.00% -229.99% -130.74% 82.81% -22.14% -113.59% -20.55% - -155.58% -20.17%
EPS Q/Q Growth		 -60.87% 0.00% -218.75% -115.69% 84.55% -17.65% -105.00% -9.76% - -135.71% -16.67%
Operating Cash Flow Q/Q Growth		 30.93% 0.00% 66.44% -106.97% 14.92% -0.37% -52.31% -48.26% - -173.97% -102.16%
Free Cash Flow Firm Q/Q Growth		 -268.08% 0.00% 64.22% -369.23% 49.61% -44.27% -260.96% -62.46% - -13.68% -9.64%
Invested Capital Q/Q Growth		 0.00% 0.00% -34.28% 19.92% 40.75% 37.68% 97.84% 57.02% - 14.35% 18.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 20.94% 25.23%
EBITDA Margin		 0.00% -3,288.20% -11,971.22% -26,069.82% -1,739.57% -7,646.52% -10,873.44% -418.64% - -873.60% -864.61%
Operating Margin		 0.00% -11,100.00% -6,999.22% -5,958.73% -3,061.68% -8,769.22% -6,297.32% -540.58% - -1,013.99% -944.09%
EBIT Margin		 0.00% -7,457.20% -14,348.11% -27,496.18% -2,216.48% -9,215.74% -11,922.92% -520.65% - -1,021.96% -944.09%
Profit (Net Income) Margin		 0.00% -7,960.80% -14,594.44% -27,552.73% -2,716.16% -8,861.84% -11,756.31% -1,111.52% - -1,693.80% -951.52%
Tax Burden Percent		 102.78% 100.74% 100.18% 100.21% 100.30% 100.26% 100.55% 100.23% - 100.47% 100.37%
Interest Burden Percent		 102.30% 105.96% 101.54% 99.99% 122.17% 95.91% 98.06% 213.00% - 164.96% 100.41%
Effective Tax Rate		 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% -20.98% -45.25% -112.85% -42.55% -96.04% -50.00% -10.81% - -40.73% -40.28%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -20.16% 18.30% 48.91% -37.53% -87.54% -18.36% 15.18% - 21.30% -120.56%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 7.77% -8.70% -30.93% 18.61% 38.25% 7.05% -5.93% - -2.90% -7.74%
Return on Equity (ROE)		 -77.67% -13.21% -53.95% -143.78% -23.94% -57.79% -42.95% -16.74% - -43.64% -48.02%
Cash Return on Invested Capital (CROIC)		 -138.50% -141.43% -113.41% -385.54% -110.13% -100.84% -170.74% -172.61% - -169.30% -147.26%
Operating Return on Assets (OROA)		 0.00% -8.26% -40.66% -83.66% -14.89% -45.66% -47.40% -5.72% - -23.39% -28.14%
Return on Assets (ROA)		 0.00% -8.82% -41.36% -83.83% -18.24% -43.91% -46.74% -12.21% - -38.77% -28.36%
Return on Common Equity (ROCE)		 -31.50% -6.20% -27.22% -88.34% -15.68% -40.25% -31.08% -12.18% - -33.71% -37.29%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -132.05% -205.89% -178.48% 0.00% -96.76% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -43 -39 -44 -46 -41 -44 -51 -56 -51 -105 -208
NOPAT Margin		 0.00% -7,770.00% -4,899.46% -4,171.11% -2,143.18% -6,138.45% -4,408.12% -378.41% - -709.80% -660.86%
Net Nonoperating Expense Percent (NNEP)		 -26.26% -0.82% -63.55% -161.76% -5.02% -8.50% -31.64% -25.99% - -62.03% 80.28%
Return On Investment Capital (ROIC_SIMPLE)		 -15.61% - - - -4.97% -3.58% -3.09% -2.39% -1.10% -1.86% -3.88%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 79.06% 74.77%
SG&A Expenses to Revenue		 0.00% 6,359.60% 4,337.89% 3,398.09% 2,442.08% 6,349.30% 4,830.45% 479.39% - 867.01% 479.65%
R&D to Revenue		 0.00% 851.40% 495.56% 1,338.55% 278.52% 993.73% 553.03% 37.52% - 48.38% 24.64%
Operating Expenses to Revenue		 0.00% 11,200.00% 7,099.22% 6,058.73% 3,161.68% 8,869.22% 6,397.32% 640.58% - 1,034.94% 969.32%
Earnings before Interest and Taxes (EBIT)		 -73 -37 -129 -302 -43 -66 -138 -77 -75 -151 -298
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -53 -16 -108 -287 -33 -55 -126 -62 -56 -129 -273
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 13.26 3.84 20.59 22.80 12.76 12.66 17.68 14.19 - 15.22 18.21
Price to Tangible Book Value (P/TBV)		 13.26 3.84 20.59 22.80 12.76 12.66 17.68 17.14 - 17.47 21.62
Price to Revenue (P/Rev)		 0.00 1,262.52 2,135.67 2,817.87 1,383.75 1,552.42 3,134.98 949.55 - 372.73 299.12
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
Dividend Yield		 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%
Enterprise Value to Invested Capital (EV/IC)		 7.56 2.99 19.46 37.45 22.66 19.51 21.42 15.70 - 12.37 11.60
Enterprise Value to Revenue (EV/Rev)		 0.00 1,402.43 2,142.01 2,768.22 1,334.18 1,507.02 3,102.50 942.64 - 378.88 309.37
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
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
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
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
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
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.28 0.56 0.83 0.40 0.24 0.61 0.42 0.43 - 1.12 1.24
Long-Term Debt to Equity		 0.28 0.56 0.83 0.31 0.23 0.60 0.42 0.43 - 1.11 1.24
Financial Leverage		 -0.46 -0.39 -0.48 -0.63 -0.50 -0.44 -0.38 -0.39 - -0.14 0.06
Leverage Ratio		 1.39 1.50 1.71 1.63 1.49 1.78 1.76 1.58 - 2.17 2.18
Compound Leverage Factor		 1.43 1.59 1.74 1.63 1.82 1.71 1.72 3.37 - 3.57 2.18
Debt to Total Capital		 21.79% 36.04% 45.24% 28.55% 19.15% 37.80% 29.74% 30.29% - 52.76% 55.35%
Short-Term Debt to Total Capital		 0.09% 0.06% 0.06% 6.34% 0.35% 0.30% 0.46% 0.38% - 0.15% 0.16%
Long-Term Debt to Total Capital		 21.70% 35.99% 45.18% 22.20% 18.80% 37.50% 29.28% 29.91% - 52.61% 55.19%
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%
Noncontrolling Interests to Total Capital		 41.96% 27.14% 21.88% 27.55% 22.96% 16.07% 17.62% 16.53% - 10.32% 9.38%
Common Equity to Total Capital		 36.25% 36.81% 32.88% 43.90% 57.89% 46.13% 52.63% 53.18% - 36.92% 35.27%
Debt to EBITDA		 -0.38 -1.16 -0.95 -0.43 -0.36 -0.97 -0.98 -2.56 - -7.99 -5.73
Net Debt to EBITDA		 0.18 0.37 0.42 0.69 0.92 0.85 0.90 1.86 - 0.16 -1.31
Long-Term Debt to EBITDA		 -0.38 -1.16 -0.95 -0.34 -0.35 -0.96 -0.96 -2.53 - -7.97 -5.71
Debt to NOPAT		 -0.38 -0.99 -1.20 -1.17 -0.93 -2.66 -2.69 -3.68 - -11.35 -7.09
Net Debt to NOPAT		 0.18 0.31 0.53 1.85 2.41 2.33 2.47 2.68 - 0.23 -1.62
Long-Term Debt to NOPAT		 -0.38 -0.98 -1.20 -0.91 -0.92 -2.64 -2.65 -3.64 - -11.31 -7.07
Altman Z-Score		 4.14 1.42 4.45 11.93 12.65 7.17 12.55 11.45 - 5.89 6.01
Noncontrolling Interest Sharing Ratio		 59.45% 53.02% 49.55% 38.56% 34.51% 30.35% 27.65% 27.22% - 22.74% 22.33%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.31 7.51 6.38 5.80 7.90 10.62 8.23 9.56 - 18.47 13.05
Quick Ratio		 1.85 6.59 5.77 5.49 7.44 10.38 7.81 9.10 - 17.91 12.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -102 -137 -49 -231 -116 -168 -605 -983 -2,066 -2,348 -2,575
Operating Cash Flow to CapEx		 -111.44% -121.62% -72.75% -110.24% -34.67% -23.70% -14.02% -27.04% - -18.37% -16.26%
Free Cash Flow to Firm to Interest Expense		 -11.56 -61.84 -21.97 -166.44 -4.88 -35.41 -107.01 -130.34 - -96.73 -98.74
Operating Cash Flow to Interest Expense		 -2.82 -21.66 -7.22 -24.12 -1.20 -6.03 -7.69 -8.54 - -1.98 -3.73
Operating Cash Flow Less CapEx to Interest Expense		 -5.35 -39.46 -17.14 -46.00 -4.64 -31.46 -62.51 -40.14 - -12.75 -26.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 - 0.02 0.03
Accounts Receivable Turnover		 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
Fixed Asset Turnover		 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.03 - 0.08 0.08
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 1.31 1.69
Days Sales Outstanding (DSO)		 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
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 278.93 215.89
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -278.93 -215.89
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 185 234 154 185 260 358 709 1,112 2,275 2,602 3,075
Invested Capital Turnover		 0.00 0.00 0.01 0.03 0.02 0.02 0.01 0.03 - 0.06 0.06
Increase / (Decrease) in Invested Capital		 59 99 5.07 185 75 124 554 928 2,015 2,244 2,367
Enterprise Value (EV)		 1,399 701 2,999 6,921 5,894 6,987 15,177 17,468 - 32,180 35,670
Market Capitalization		 1,313 631 2,990 7,045 6,113 7,197 15,336 17,596 - 31,658 34,489
Book Value per Share		 $0.45 $0.76 $0.56 $1.15 $1.65 $1.80 $2.64 $4.55 $5.02 $5.44 $4.88
Tangible Book Value per Share		 $0.45 $0.76 $0.56 $1.15 $1.65 $1.80 $2.64 $3.76 $4.35 $4.74 $4.11
Total Capital		 273 447 442 704 828 1,233 1,648 2,333 4,612 5,632 5,369
Total Debt		 60 161 200 201 158 466 490 707 2,220 2,972 2,972
Total Long-Term Debt		 59 161 200 156 156 462 483 698 2,208 2,963 2,963
Net Debt		 -29 -51 -88 -318 -409 -409 -449 -514 -117 -59 677
Capital Expenditures (CapEx)		 22 40 22 30 82 120 310 238 396 262 598
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -27 -4.56 -22 -23 -40 -60 -77 -68 -16 -40 17
Debt-free Net Working Capital (DFNWC)		 61 208 266 496 527 814 863 1,152 2,320 2,990 2,311
Net Working Capital (NWC)		 61 208 266 452 524 810 855 1,143 2,308 2,982 2,303
Net Nonoperating Expense (NNE)		 35 0.95 87 257 11 20 85 108 47 145 92
Net Nonoperating Obligations (NNO)		 -29 -51 -88 -318 -409 -409 -449 -514 -117 -59 677
Total Depreciation and Amortization (D&A)		 20 21 21 16 9.15 11 12 15 19 22 25
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -911.40% -1,538.07% -908.36% -912.43% -1,302.24% -1,571.46% -365.59% - -47.48% 14.43%
Debt-free Net Working Capital to Revenue		 0.00% 41,576.60% 19,002.43% 19,847.08% 11,933.52% 17,560.09% 17,631.32% 6,218.63% - 3,520.50% 2,004.42%
Net Working Capital to Revenue		 0.00% 41,525.60% 18,984.00% 18,061.68% 11,867.45% 17,480.31% 17,475.63% 6,170.35% - 3,510.80% 1,997.05%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66) ($0.77)
Adjusted Weighted Average Basic Shares Outstanding		 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M 299.06M
Adjusted Diluted Earnings per Share		 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66) ($0.77)
Adjusted Weighted Average Diluted Shares Outstanding		 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M 299.06M
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		 138.13M 257.53M 269.39M 289.73M 316.49M 328.19M 358.52M 367.02M 382.02M 388.12M 389.17M
Normalized Net Operating Profit after Tax (NOPAT)		 -43 -39 -44 -46 -41 -44 -51 -56 -51 -105 -120
Normalized NOPAT Margin		 0.00% -7,770.00% -4,899.46% -4,171.11% -2,143.18% -6,138.45% -4,408.12% -378.41% - -709.80% -381.24%
Pre Tax Income Margin		 0.00% -7,902.00% -14,568.78% -27,494.00% -2,707.98% -8,838.44% -11,692.13% -1,108.98% - -1,685.86% -947.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -8.31 -16.78 -57.70 -218.22 -1.79 -13.97 -24.36 -10.17 - -6.20 -11.41
NOPAT to Interest Expense		 -4.83 -17.48 -19.70 -33.10 -1.73 -9.31 -9.01 -7.39 - -4.31 -7.99
EBIT Less CapEx to Interest Expense		 -10.85 -34.59 -67.62 -240.10 -5.23 -39.41 -79.19 -41.77 - -16.98 -34.33
NOPAT Less CapEx to Interest Expense		 -7.36 -35.29 -29.62 -54.98 -5.17 -34.74 -63.84 -38.99 - -15.08 -30.91
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%
Augmented Payout Ratio		 -0.39% 0.00% 0.00% 0.00% -2.31% -2.41% -3.47% -3.98% - -3.60% -1.84%

Financials Breakdown Chart

Key Financial Trends

AST SpaceMobile (NASDAQ: ASTS) continues to scale revenue, but profitability and cash flow remain under pressure. Over the last several years, the company has moved from a pre-revenue development stage into a much larger operating business with meaningful revenue, a growing asset base, and substantial financing support. At the same time, losses are still wide, operating cash flow is negative, and the balance sheet has been reshaped by repeated equity and debt raises.

What stands out most in Q1 2026 is that ASTS generated just $14.7 million in revenue while reporting a net loss of $249.6 million. Operating cash flow was negative $48.1 million, and investing cash flow was a very large outflow due to heavy capital spending. The company did, however, end the quarter with $3.03 billion in cash and equivalents, giving it a sizable liquidity cushion.

  • Cash and equivalents rose to $3.03 billion in Q1 2026, up sharply from $1.20 billion in Q3 2025, giving the company a much stronger liquidity position.
  • The company generated $1.06 billion from debt issuance and $83.2 million from common equity in Q1 2026, extending its runway for continued network buildout.
  • Revenue has climbed from $500,000 in Q1 2024 to $14.7 million in Q1 2026, showing real commercialization progress.
  • Gross profit improved to $3.1 million in Q1 2026, versus near-breakeven levels in earlier periods, indicating some benefit from scaling operations.
  • Total assets reached $6.05 billion in Q1 2026, reflecting the company’s growing infrastructure and satellite-related investment base.
  • The balance sheet now includes a large noncontrolling interest of $581.5 million, which complicates the economics available to common shareholders.
  • Heavy depreciation and amortization continue to weigh on reported results, with $21.9 million combined in Q1 2026.
  • Revenue growth is still coming from a very small base, so year-over-year percentage gains look large but are not yet meaningful in absolute dollar terms.
  • The company’s capital structure has become much more complex, with both short-term and long-term debt on the books alongside recurring equity dilution.
  • ASTS reported a Q1 2026 net loss of $249.6 million, worse than the $97.7 million loss in Q4 2025 and far larger than earlier quarters.
  • Operating cash flow was still negative at $48.1 million, showing the core business has not yet become self-funding.
  • Capital expenditures were extremely high at $261.6 million in Q1 2026, driving a $379.3 million investing cash outflow.
  • Share count has risen significantly over time, with weighted average basic shares increasing from roughly 121 million in Q1 2024 to 291 million in Q1 2026, diluting existing holders.
  • Interest and other non-operating expenses remain a major burden, with total other expense of about $99.0 million in Q1 2026.
  • Even after large financing inflows, the business is still dependent on external capital to fund operations and expansion.

Trend summary: AST SpaceMobile has made clear progress on commercialization and liquidity, but the financial profile remains that of a high-spending growth company. Revenue is rising, assets are expanding, and cash is ample for now. However, operating losses, financing dependence, and dilution remain the key risks investors should watch closely.

08/29/26 09:56 AM ETAI Generated. May Contain Errors.

AST SpaceMobile Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AST SpaceMobile's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AST SpaceMobile's net income appears to be on an upward trend, with a most recent value of -$461.01 million in 2025, rising from -$24.41 million in 2020. The previous period was -$526.33 million in 2024. Check out AST SpaceMobile's forecast to explore projected trends and price targets.

AST SpaceMobile's total operating income in 2025 was -$287.71 million, based on the following breakdown:
  • Total Gross Profit: $35.70 million
  • Total Operating Expenses: $323.42 million

Over the last 5 years, AST SpaceMobile's total revenue changed from $5.97 million in 2020 to $70.92 million in 2025, a change of 1,088.5%.

AST SpaceMobile's total liabilities were at $2.62 billion at the end of 2025, a 818.7% increase from 2024, and a 10,698.6% increase since 2019.

In the past 6 years, AST SpaceMobile's cash and equivalents has ranged from $493.13 thousand in 2019 to $2.34 billion in 2025, and is currently $2.34 billion as of their latest financial filing in 2025.

Over the last 5 years, AST SpaceMobile's book value per share changed from 2.70 in 2020 to 5.02 in 2025, a change of 86.1%.


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Financial statements for NASDAQ:ASTS last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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