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AST SpaceMobile (ASTSW) Financials

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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 -21 -32 -20 -73 -172 -36 -46 -99 -123 -74 -191
Consolidated Net Income / (Loss)		 -51 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250
Net Income / (Loss) Continuing Operations		 -51 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250
Total Pre-Tax Income 		-50 -75 -40 -131 -302 -52 -63 -135 -163 -95 -248
Total Operating Income		 -59 -61 -56 -63 -66 -59 -63 -73 -80 -72 -149
Total Gross Profit		 0.00 - 0.50 0.90 1.10 1.92 0.72 1.16 15 19 3.09
Total Revenue		 0.00 - 0.50 0.90 1.10 1.92 0.72 1.16 15 54 15
Operating Revenue		 0.00 - 0.50 0.90 1.10 1.92 0.72 1.16 15 54 15
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 35 12
Operating Cost of Revenue		 - - - - 0.00 - 0.00 - - - 12
Total Operating Expenses		 59 61 56 64 67 61 64 74 94 91 152
Selling, General & Admin Expense		 31 31 32 39 37 47 46 56 71 72 128
Research & Development Expense		 9.42 11 4.26 4.46 15 5.34 7.14 6.39 5.53 9.06 7.13
Depreciation Expense		 19 20 20 20 15 8.46 11 12 13 16 18
Total Other Income / (Expense), net		 8.48 -14 16 -68 -237 6.78 -0.50 -62 -84 -23 -99
Interest Expense		 -0.50 8.82 4.51 4.94 5.40 24 4.74 5.66 7.55 18 24
Interest & Investment Income		 0.51 7.13 2.29 2.95 5.42 14 7.45 8.33 -79 -1.78 -74
Other Income / (Expense), net		 7.48 -12 18 -66 -237 16 -3.21 -65 2.94 -2.85 -1.17
Income Tax Expense		 0.27 2.09 0.29 0.23 0.65 0.16 0.17 0.74 0.37 2.61 1.17
Net Income / (Loss) Attributable to Noncontrolling Interest		 -30 -45 -20 -59 -131 -16 -18 -37 -41 -24 -59
Basic Earnings per Share		 ($0.23) ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66)
Weighted Average Basic Shares Outstanding		 89.51M 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M
Diluted Earnings per Share		 ($0.23) ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66)
Weighted Average Diluted Shares Outstanding		 89.51M 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M
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

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -56 -48 124 75 231 49 307 65 281 1,560 679
Net Cash From Operating Activities		 -36 -25 -48 -16 -33 -28 -29 -43 -64 65 -48
Net Cash From Continuing Operating Activities		 -36 -25 -48 -16 -33 -28 -29 -43 -64 65 -48
Net Income / (Loss) Continuing Operations		 -51 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250
Consolidated Net Income / (Loss)		 -51 -77 -40 -131 -303 -52 -64 -136 -164 -98 -250
Depreciation Expense		 19 20 20 20 15 8.46 11 12 13 16 18
Amortization Expense		 0.37 0.78 0.90 1.00 1.15 0.69 0.31 0.41 2.32 3.72 4.25
Non-Cash Adjustments To Reconcile Net Income		 -4.84 15 -13 80 244 1.04 12 75 97 38 152
Changes in Operating Assets and Liabilities, net		 0.13 17 -16 14 10 13 12 4.80 -12 105 27
Net Cash From Investing Activities		 -73 -22 -40 -22 -30 -82 -120 -310 -266 -844 -379
Net Cash From Continuing Investing Activities		 -73 -22 -40 -22 -30 -82 -120 -310 -266 -844 -379
Purchase of Property, Plant & Equipment		 -73 -22 -40 -22 -30 -82 -120 -310 -238 -396 -262
Acquisitions		 - - - - - - 0.00 - - -28 -18
Other Investing Activities, net		 - - - - - - 0.00 - - - -100
Net Cash From Financing Activities		 54 -0.64 212 114 295 160 456 420 611 2,340 1,105
Net Cash From Continuing Financing Activities		 54 -0.64 212 114 295 160 456 420 611 2,340 1,102
Repayment of Debt		 -9.71 -0.06 -5.22 -0.06 -4.34 -49 -6.47 -0.98 -5.38 -7.52 -21
Repurchase of Common Equity		 -0.81 0.66 -0.38 - -4.15 -5.25 -1.46 -8.38 -1.46 -13 -0.46
Issuance of Debt		 64 - 110 35 - - 449 24 570 1,568 1,061
Issuance of Common Equity		 0.76 -0.36 108 82 152 215 60 410 115 723 83
Other Financing Activities, net		 - -0.87 -0.31 -0.93 151 -1.57 -46 -4.65 -67 70 -20
Effect of Exchange Rate Changes		 0.06 0.25 - - - -0.42 - -1.18 0.14 -1.44 0.89
Cash Interest Paid		 0.97 2.17 2.21 2.22 2.27 5.29 3.89 -3.07 3.40 3.64 11
Cash Income Taxes Paid		 0.14 -0.02 0.71 0.19 0.23 0.53 0.70 0.62 0.34 5.14 1.02

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
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 9/30/2025 3/31/2026
Total Assets		 386 401 408 402 502 580 822 1,370 1,881 2,551 6,051
Total Current Assets		 225 227 222 163 240 315 546 895 973 1,277 3,153
Cash & Equivalents		 199 185 191 133 210 285 516 874 924 1,204 3,030
Restricted Cash		 0.66 0.65 0.64 2.42 2.47 2.48 2.50 0.68 16 16 0.87
Accounts Receivable		 0.00 - - - - - - - - 11 27
Inventories, net		 0.00 - - - - - - - - 11 17
Prepaid Expenses		 5.65 3.23 7.13 6.26 5.03 7.36 7.07 6.13 10 9.27 11
Other Current Assets		 20 38 23 21 22 20 20 14 24 25 67
Plant, Property, & Equipment, net		 136 159 172 224 245 248 260 451 762 1,008 1,638
Total Noncurrent Assets		 25 15 15 15 17 16 16 24 147 266 1,260
Goodwill		 0.00 - 0.00 0.00 - - - - - 214 268
Other Noncurrent Operating Assets		 25 15 15 15 17 16 16 24 147 52 993
Total Liabilities & Shareholders' Equity		 386 401 408 402 502 580 822 1,370 1,881 2,551 6,051
Total Liabilities		 90 84 73 115 216 338 319 603 724 925 3,390
Total Current Liabilities		 21 36 31 27 32 49 94 84 118 134 171
Short-Term Debt		 - - - - 0.26 0.26 45 3.70 7.62 8.95 8.24
Accounts Payable		 9.55 11 5.11 7.81 15 12 8.96 11 23 51 61
Accrued Expenses		 11 23 24 18 16 14 16 26 43 49 73
Current Deferred Revenue		 0.00 0.00 0.00 0.00 - - - - - 23 26
Other Current Liabilities		 0.80 0.95 1.31 1.38 1.51 23 24 44 45 2.14 3.04
Total Noncurrent Liabilities		 68 48 42 88 184 288 225 519 605 791 3,220
Long-Term Debt		 4.82 4.70 4.63 59 161 200 156 462 483 698 2,963
Noncurrent Deferred Revenue		 - - - - - - - - - 43 207
Other Noncurrent Operating Liabilities		 64 44 37 29 23 89 69 57 123 50 49
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		 297 317 336 287 286 242 503 767 1,158 1,626 2,661
Total Preferred & Common Equity		 91 119 146 128 165 145 309 569 867 1,240 2,079
Total Common Equity		 91 119 146 128 165 145 309 569 867 1,240 2,079
Common Stock		 185 237 283 286 374 427 762 1,104 1,501 1,997 3,101
Retained Earnings		 -94 -118 -137 -158 -209 -282 -454 -535 -635 -758 -1,023
Accumulated Other Comprehensive Income / (Loss)		 -0.27 0.18 0.16 0.01 0.12 0.05 0.35 0.10 1.11 1.17 1.11
Noncontrolling Interest		 205 198 190 159 121 97 194 198 290 386 581

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - 367,019,330.00 382,015,228.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 367,019,330.00 382,015,228.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.20 -0.50
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 43.60% 28.44% 1,239.91% - 1,952.23%
EBITDA Growth		 41.89% -121.53% 53.32% -187.46% -793.89% 37.02% -233.93% -16.67% 78.48% - -134.46%
EBIT Growth		 8.68% -191.45% -0.89% -150.28% -487.48% 42.04% -77.46% -6.73% 74.63% - -127.58%
NOPAT Growth		 -45.66% -42.87% -24.85% -8.48% -11.16% 3.54% -13.45% -15.56% -21.56% - -137.30%
Net Income Growth		 -58.33% -207.39% 11.97% -164.88% -497.23% 32.45% -59.85% -3.47% 45.95% - -292.25%
EPS Growth		 -27.78% -184.62% 30.43% -112.50% -378.26% 54.05% -25.00% 19.61% 59.09% - -230.00%
Operating Cash Flow Growth		 -9.52% 28.94% -27.53% 67.86% 7.28% -14.21% 40.68% -169.18% -92.83% - -68.35%
Free Cash Flow Firm Growth		 147.56% 17.04% -35.59% 36.08% -480.09% -13.95% -22.05% -1,131.34% -4,661.92% - -1,300.30%
Invested Capital Growth		 0.00% 47.30% 72.51% 3.40% 0.00% 40.62% 52.72% 359.75% 501.98% - 626.55%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 80.00% 22.22% 74.36% -62.57% 61.00% 1,175.00% - -72.87%
EBITDA Q/Q Growth		 14.41% -65.12% 0.00% -555.32% -166.16% 88.37% -64.55% -128.95% 50.91% - -131.14%
EBIT Q/Q Growth		 0.22% -42.46% 0.00% -246.33% -134.22% 85.94% -55.65% -108.30% 44.32% - -100.43%
NOPAT Q/Q Growth		 -1.54% -3.24% 0.00% -13.50% -4.05% 10.41% -7.22% -15.62% -9.45% - -106.72%
Net Income Q/Q Growth		 -2.34% -51.97% 0.00% -229.99% -130.74% 82.81% -22.14% -113.59% -20.55% - -155.58%
EPS Q/Q Growth		 4.17% -60.87% 0.00% -218.75% -115.69% 84.55% -17.65% -105.00% -9.76% - -135.71%
Operating Cash Flow Q/Q Growth		 28.26% 30.93% 0.00% 66.44% -106.97% 14.92% -0.37% -52.31% -48.26% - -173.97%
Free Cash Flow Firm Q/Q Growth		 178.92% -268.08% 0.00% 64.22% -369.23% 49.61% -44.27% -260.96% -62.46% - -13.68%
Invested Capital Q/Q Growth		 -100.00% 0.00% 0.00% -34.28% 19.92% 40.75% 37.68% 97.84% 57.02% - 14.35%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 20.94%
EBITDA Margin		 0.00% 0.00% -3,288.20% -11,971.22% -26,069.82% -1,739.57% -7,646.52% -10,873.44% -418.64% - -873.60%
Operating Margin		 0.00% 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%
EBIT Margin		 0.00% 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%
Profit (Net Income) Margin		 0.00% 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%
Tax Burden Percent		 100.53% 102.78% 100.74% 100.18% 100.21% 100.30% 100.26% 100.55% 100.23% - 100.47%
Interest Burden Percent		 98.05% 102.30% 105.96% 101.54% 99.99% 122.17% 95.91% 98.06% 213.00% - 164.96%
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% 0.00% -20.98% -45.25% -112.85% -42.55% -96.04% -50.00% -10.81% - -40.73%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% -20.16% 18.30% 48.91% -37.53% -87.54% -18.36% 15.18% - 21.30%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 7.77% -8.70% -30.93% 18.61% 38.25% 7.05% -5.93% - -2.90%
Return on Equity (ROE)		 0.00% -77.67% -13.21% -53.95% -143.78% -23.94% -57.79% -42.95% -16.74% - -43.64%
Cash Return on Invested Capital (CROIC)		 0.00% -138.50% -141.43% -113.41% -385.54% -110.13% -100.84% -170.74% -172.61% - -169.30%
Operating Return on Assets (OROA)		 0.00% 0.00% -8.26% -40.66% -83.66% -14.89% -45.66% -47.40% -5.72% - -23.39%
Return on Assets (ROA)		 0.00% 0.00% -8.82% -41.36% -83.83% -18.24% -43.91% -46.74% -12.21% - -38.77%
Return on Common Equity (ROCE)		 0.00% -31.50% -6.20% -27.22% -88.34% -15.68% -40.25% -31.08% -12.18% - -33.71%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -132.05% -205.89% -178.48% 0.00% -96.76% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -41 -43 -39 -44 -46 -41 -44 -51 -56 -51 -105
NOPAT Margin		 0.00% 0.00% -7,770.00% -4,899.46% -4,171.11% -2,143.18% -6,138.45% -4,408.12% -378.41% - -709.80%
Net Nonoperating Expense Percent (NNEP)		 0.00% -26.26% -0.82% -63.55% -161.76% -5.02% -8.50% -31.64% -25.99% - -62.03%
Return On Investment Capital (ROIC_SIMPLE)		 - -15.61% - - - -4.97% -3.58% -3.09% -2.39% -1.10% -1.86%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 79.06%
SG&A Expenses to Revenue		 0.00% 0.00% 6,359.60% 4,337.89% 3,398.09% 2,442.08% 6,349.30% 4,830.45% 479.39% - 867.01%
R&D to Revenue		 0.00% 0.00% 851.40% 495.56% 1,338.55% 278.52% 993.73% 553.03% 37.52% - 48.38%
Operating Expenses to Revenue		 0.00% 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%
Earnings before Interest and Taxes (EBIT)		 -51 -73 -37 -129 -302 -43 -66 -138 -77 -75 -151
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -32 -53 -16 -108 -287 -33 -55 -126 -62 -56 -129
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 13.26 3.84 20.59 22.80 12.76 12.66 17.68 14.19 - 15.22
Price to Tangible Book Value (P/TBV)		 0.00 13.26 3.84 20.59 22.80 12.76 12.66 17.68 17.14 - 17.47
Price to Revenue (P/Rev)		 0.00 0.00 1,262.52 2,135.67 2,817.87 1,383.75 1,552.42 3,134.98 949.55 - 372.73
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)		 0.00 7.56 2.99 19.46 37.45 22.66 19.51 21.42 15.70 - 12.37
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 1,402.43 2,142.01 2,768.22 1,334.18 1,507.02 3,102.50 942.64 - 378.88
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		 0.00 0.28 0.56 0.83 0.40 0.24 0.61 0.42 0.43 - 1.12
Long-Term Debt to Equity		 0.00 0.28 0.56 0.83 0.31 0.23 0.60 0.42 0.43 - 1.11
Financial Leverage		 0.00 -0.46 -0.39 -0.48 -0.63 -0.50 -0.44 -0.38 -0.39 - -0.14
Leverage Ratio		 0.00 1.39 1.50 1.71 1.63 1.49 1.78 1.76 1.58 - 2.17
Compound Leverage Factor		 0.00 1.43 1.59 1.74 1.63 1.82 1.71 1.72 3.37 - 3.57
Debt to Total Capital		 0.00% 21.79% 36.04% 45.24% 28.55% 19.15% 37.80% 29.74% 30.29% - 52.76%
Short-Term Debt to Total Capital		 0.00% 0.09% 0.06% 0.06% 6.34% 0.35% 0.30% 0.46% 0.38% - 0.15%
Long-Term Debt to Total Capital		 0.00% 21.70% 35.99% 45.18% 22.20% 18.80% 37.50% 29.28% 29.91% - 52.61%
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		 0.00% 41.96% 27.14% 21.88% 27.55% 22.96% 16.07% 17.62% 16.53% - 10.32%
Common Equity to Total Capital		 0.00% 36.25% 36.81% 32.88% 43.90% 57.89% 46.13% 52.63% 53.18% - 36.92%
Debt to EBITDA		 0.00 -0.38 -1.16 -0.95 -0.43 -0.36 -0.97 -0.98 -2.56 - -7.99
Net Debt to EBITDA		 0.00 0.18 0.37 0.42 0.69 0.92 0.85 0.90 1.86 - 0.16
Long-Term Debt to EBITDA		 0.00 -0.38 -1.16 -0.95 -0.34 -0.35 -0.96 -0.96 -2.53 - -7.97
Debt to NOPAT		 0.00 -0.38 -0.99 -1.20 -1.17 -0.93 -2.66 -2.69 -3.68 - -11.35
Net Debt to NOPAT		 0.00 0.18 0.31 0.53 1.85 2.41 2.33 2.47 2.68 - 0.23
Long-Term Debt to NOPAT		 0.00 -0.38 -0.98 -1.20 -0.91 -0.92 -2.64 -2.65 -3.64 - -11.31
Altman Z-Score		 0.00 4.14 1.42 4.45 11.93 12.65 7.17 12.55 11.45 - 5.89
Noncontrolling Interest Sharing Ratio		 0.00% 59.45% 53.02% 49.55% 38.56% 34.51% 30.35% 27.65% 27.22% - 22.74%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 2.31 7.51 6.38 5.80 7.90 10.62 8.23 9.56 - 18.47
Quick Ratio		 0.00 1.85 6.59 5.77 5.49 7.44 10.38 7.81 9.10 - 17.91
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 61 -102 -137 -49 -231 -116 -168 -605 -983 -2,066 -2,348
Operating Cash Flow to CapEx		 -49.06% -111.44% -121.62% -72.75% -110.24% -34.67% -23.70% -14.02% -27.04% - -18.37%
Free Cash Flow to Firm to Interest Expense		 0.00 -11.56 -61.84 -21.97 -166.44 -4.88 -35.41 -107.01 -130.34 - -96.73
Operating Cash Flow to Interest Expense		 0.00 -2.82 -21.66 -7.22 -24.12 -1.20 -6.03 -7.69 -8.54 - -1.98
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -5.35 -39.46 -17.14 -46.00 -4.64 -31.46 -62.51 -40.14 - -12.75
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 - 0.02
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 0.00 0.01 0.01 0.02 0.01 0.01 0.03 - 0.08
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 1.31
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 0.00 - 278.93
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -278.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 185 234 154 185 260 358 709 1,112 2,275 2,602
Invested Capital Turnover		 0.00 0.00 0.00 0.01 0.03 0.02 0.02 0.01 0.03 - 0.06
Increase / (Decrease) in Invested Capital		 -102 59 99 5.07 185 75 124 554 928 2,015 2,244
Enterprise Value (EV)		 0.00 1,399 701 2,999 6,921 5,894 6,987 15,177 17,468 - 32,180
Market Capitalization		 827 1,313 631 2,990 7,045 6,113 7,197 15,336 17,596 - 31,658
Book Value per Share		 $0.00 $0.45 $0.76 $0.56 $1.15 $1.65 $1.80 $2.64 $4.55 $5.02 $5.44
Tangible Book Value per Share		 $0.00 $0.45 $0.76 $0.56 $1.15 $1.65 $1.80 $2.64 $3.76 $4.35 $4.74
Total Capital		 0.00 273 447 442 704 828 1,233 1,648 2,333 4,612 5,632
Total Debt		 0.00 60 161 200 201 158 466 490 707 2,220 2,972
Total Long-Term Debt		 0.00 59 161 200 156 156 462 483 698 2,208 2,963
Net Debt		 0.00 -29 -51 -88 -318 -409 -409 -449 -514 -117 -59
Capital Expenditures (CapEx)		 73 22 40 22 30 82 120 310 238 396 262
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -27 -4.56 -22 -23 -40 -60 -77 -68 -16 -40
Debt-free Net Working Capital (DFNWC)		 0.00 61 208 266 496 527 814 863 1,152 2,320 2,990
Net Working Capital (NWC)		 0.00 61 208 266 452 524 810 855 1,143 2,308 2,982
Net Nonoperating Expense (NNE)		 9.47 35 0.95 87 257 11 20 85 108 47 145
Net Nonoperating Obligations (NNO)		 0.00 -29 -51 -88 -318 -409 -409 -449 -514 -117 -59
Total Depreciation and Amortization (D&A)		 19 20 21 21 16 9.15 11 12 15 19 22
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -911.40% -1,538.07% -908.36% -912.43% -1,302.24% -1,571.46% -365.59% - -47.48%
Debt-free Net Working Capital to Revenue		 0.00% 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%
Net Working Capital to Revenue		 0.00% 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%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M
Adjusted Diluted Earnings per Share		 $0.00 ($0.37) ($0.16) ($0.51) ($1.10) ($0.17) ($0.20) ($0.41) ($0.45) ($0.28) ($0.66)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 81.82M 121.45M 141.19M 155.64M 154.50M 223.97M 241.99M 272.83M 255.98M 290.69M
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		 0.00 138.13M 257.53M 269.39M 289.73M 316.49M 328.19M 358.52M 367.02M 382.02M 388.12M
Normalized Net Operating Profit after Tax (NOPAT)		 -41 -43 -39 -44 -46 -41 -44 -51 -56 -51 -105
Normalized NOPAT Margin		 0.00% 0.00% -7,770.00% -4,899.46% -4,171.11% -2,143.18% -6,138.45% -4,408.12% -378.41% - -709.80%
Pre Tax Income Margin		 0.00% 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%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -8.31 -16.78 -57.70 -218.22 -1.79 -13.97 -24.36 -10.17 - -6.20
NOPAT to Interest Expense		 0.00 -4.83 -17.48 -19.70 -33.10 -1.73 -9.31 -9.01 -7.39 - -4.31
EBIT Less CapEx to Interest Expense		 0.00 -10.85 -34.59 -67.62 -240.10 -5.23 -39.41 -79.19 -41.77 - -16.98
NOPAT Less CapEx to Interest Expense		 0.00 -7.36 -35.29 -29.62 -54.98 -5.17 -34.74 -63.84 -38.99 - -15.08
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		 0.00% -0.39% 0.00% 0.00% 0.00% -2.31% -2.41% -3.47% -3.98% - -3.60%

Financials Breakdown Chart

Key Financial Trends

AST SpaceMobile (ASTS) shows a mixed picture across the last four years of quarterly data. Revenue has ramped in late 2025, but the company continues to report substantial net losses and a cash burn profile. Financing activity has been a major driver of liquidity, while capital expenditures have been sizable as the company invests in equipment and deployment. Below are the most notable points, with positives first, then neutral, then negatives.

  • Large financing inflows in 2025, boosting liquidity. In Q4 2025, net cash from financing activities was about $2.34 billion, supported by issuance of debt and equity, contributing to a around $1.56 billion net increase in cash.
  • Solid near-term liquidity in mid-2025. Cash and cash equivalents were about $1.20 billion by Q3 2025, providing a notable liquidity runway amid ongoing investments.
  • High gross margins in several quarters with limited cost of revenue. In Q2 2025 and Q3 2025, gross margins were effectively 100% (COGS reported as zero or negligible in these periods), reflecting low costs relative to revenue during those quarters.
  • Balance sheet growth supported by equity/debt financing. By mid-2025, total equity rose substantially (around $1.2 billion in the reported period), reflecting ongoing capital raises to fund growth.
  • Ongoing financing activity underpinning future funding needs. Multiple quarters in 2025 show meaningful net cash from continuing financing activities, indicating continued access to capital markets to support operations and capex.
  • Revenue trajectory remains uneven across quarters. Revenue shows a spike in Q4 2025 (about $54.3 million) after years of smaller quarterly levels, but remains a small base relative to many peers and is not yet consistently profitable.
  • Capital spending is substantial and ongoing. Purchases of property, plant, and equipment were large in 2025 (e.g., PPE outlays around several hundred million dollars in Q4–Q3 2025), which reduces cash flow from operations but supports deployment goals.
  • Asset and equity growth funded by financing activity. Total assets rose notably into 2025, and equity increased alongside debt issuances; this implies dilution risk for shareholders if financed primarily via equity.
  • Persistent net losses. 2025 quarters show substantial losses, with Q4 2025 Consolidated Net Income around -$97.7 million and Net Income attributable to common shareholders near -$74.0 million.
  • Operating cash flow remains negative across most quarters. Net cash from continuing operating activities was negative in Q4 2025 (roughly -$65 million) and similarly negative in several prior quarters, signaling ongoing cash burn from core operations.
05/15/26 04:35 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 financial year ends in December. Their financial 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.

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:ASTSW last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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