AST SpaceMobile, Inc. (ASTS)

AST SpaceMobile reported second-quarter 2026 revenue of $31.5 million on 10 August, mostly from gateway equipment sold to mobile carriers and milestones met for the U.S. government 21.

The net loss attributable to common stockholders was $230.9 million, against $99.4 million a year earlier 1. Costs in the quarter included a $125.9 million charge for the BlueBird 7 satellite, lost after a rocket left it in a lower orbit than planned on 19 April 17.

The company counts 13 spacecraft in orbit after launches on 17 June and 5 August 12. Cash and restricted cash were about $2.7 billion on 30 June, and the company raised $1.150 billion more in July through 1.625% convertible notes due 2034 124.

The company says a first beta service with select partners is being prepared, and it expects full-year 2026 revenue of $150.0 million to $200.0 million 2. In October it signed a new three-year employment agreement with its chief financial officer and chief legal officer, Andrew Johnson 5.

The open question is pace: the company says it is targeting about 45 satellites in early 2027, and each launch depends on rocket availability and on testing finishing on time 1.

The company, formerly known as New Providence Acquisition Corp., is listed on Nasdaq under the symbol ASTS 3. It set out to build a cellular network in space that works with ordinary phones, so a customer needs no new device 1.

On 10 September 2022 it launched a test satellite, BlueWalker 3 3. The company says it completed two-way 5G voice calls to standard smartphones with it and reached download speeds above 21 megabits per second 3.

On 12 September 2024 it launched five Block 1 BlueBird satellites 1. The company says they have ten times the throughput of the test satellite 3.

In January 2025 the company made a video call from space with Vodafone, and in February 2025 it completed voice and video tests with AT&T and Verizon 1. On 21 July 2025 it made a first voice and text call over satellite using AT&T's spectrum 1.

Revenue was $4.4 million in 2024 and $70.9 million in 2025 3. Product revenue of $44.4 million in 2025 came from gateway equipment and software sold to carriers 3. Services revenue of $26.5 million came mainly from U.S. government work 3.

The net loss attributable to common stockholders was $341.9 million in 2025 against $300.1 million in 2024 3. Engineering services costs rose 52 percent to $142.5 million in 2025 3.

On 22 March 2025 it signed agreements with Ligado Networks for usage rights to mid-band spectrum, approved by the bankruptcy court on 23 June 2025 1. On 25 September 2025 it completed the acquisition of an entity holding S-band priority rights for satellites in low Earth orbit 1.

On 8 October 2025 it announced a definitive commercial agreement with Verizon, and on 29 October 2025 a ten-year agreement with Saudi Telecom Company 1. On 18 December 2025 it signed a reseller agreement with a European business it owns half of with Vodafone 1.

On 23 December 2025 the company launched BlueBird 6, the first of its larger Block 2 satellites, deployed in February 2026 1. On 19 April 2026 BlueBird 7 was placed into a lower orbit than planned and was taken out of orbit 17. The company says insurance covers a portion of the loss and it expects a replacement launch 1.

Engineering services costs rose $58.7 million to $87.3 million in the second quarter, including a $34.7 million increase in payroll driven by more staff and higher stock-based pay 1.

The SpaceMobile service and its satellites

The company is building a network of large satellites, called BlueBirds, that connect directly to standard smartphones 1. The service has not been launched and has not yet generated any revenue 1.

Each Block 2 BlueBird carries a phased array of about 2,400 square feet, the largest ever deployed in low Earth orbit for commercial use, more than three times the size of the Block 1 array 1. The company says it is designed to deliver up to 10 times the bandwidth of Block 1 1.

The company expects Block 2 satellites to reach peak data rates approaching 200 Mbps 2. It also expects its own chip to give up to 10,000 MHz of processing bandwidth per Block 2 satellite 1.

The network has 13 spacecraft in orbit with about 20,000 square feet of combined aperture 2. BlueBird 14 through 16 are close to shipping, and the company says BlueBird 17 through 46 are in production 2. The FCC authorized the company to deploy a 248 satellite network 1.

Gateways, government work and revenue

Product revenue in the second quarter was $24.4 million and services revenue was $7.1 million 1. The company says it has nearly 50 gateways in various stages of completion, installation and planning 2.

The company has a $43.0 million contract with the Space Development Agency through a prime contractor, and a direct Europa Track 2 agreement worth about $30.0 million 3. It says it received awards worth over $125 million in the second quarter update 2.

The company reports a revenue backlog of about $1.30 billion in contracted revenue with commercial partners and government awards 2.

Carriers, rivals and spectrum

The company says it has partnerships with over 60 mobile carriers that together serve over 3 billion subscribers 1. It has executed lease agreements with Verizon and AT&T and a similar one with FirstNet, the public safety network 3.

In Europe it works with Vodafone, Orange, Telefónica, Vodafone Ukraine and Deutsche Telekom on integration and testing 2. A reseller agreement covers a business it owns half of with Vodafone 1.

Its filing names SpaceX's Starlink among its competitors 3. It also names Inmarsat, Globalstar, Thuraya, Iridium and Skylo 3.

On spectrum, the company describes a plan targeting about 100 MHz of access in the U.S. and over 60 MHz globally, mixing carrier spectrum and satellite spectrum it controls 2. The Ligado transaction would give long-term access to up to 45 MHz in the United States and Canada 1.

Plants, people and problems

The company assembles satellites in Midland, Texas, in owned and leased buildings, and also leases a facility in Homestead, Florida 3. It reports approximately 1,126 employees, about 708 of them in the U.S. 3.

The company says it has completed investments to assemble and test up to six Block 2 satellites a month 1. Its footprint was about 500,000 square feet on 30 June 2026 1.

Abel Avellan is chairman and chief executive officer 2. Andrew Johnson is chief financial officer and chief legal officer, with a new employment agreement from 14 October 2026 5.

On 25 September 2026 the compensation committee adopted a change of control severance policy for senior managers 6. For the chief executive the cash multiple is 2.0 and for other eligible employees 1.5 6.

Problems include the BlueBird 7 loss, which the company says it is covered for in part 17. The Ligado closing is subject to regulatory approvals, and a $100.0 million payment was placed in escrow by court order on 2 April 2026 1.

The umbrella, in words

The company sells one thing, the SpaceMobile service, delivered by its BlueBird satellites, through carriers rather than directly to phone owners 1. Its filing lists subsidiaries including AST & Science, LLC, AST SpaceMobile Services, LLC and AST SpaceMobile Manufacturing, LLC, and says it omitted some names 8.

Subsidiaries abroad include AST & Science Iberia in Spain, AST SpaceMobile UK Limited, AST & Science Israel and AST SpaceMobile India 8. The company reports a European business owned half and half with Vodafone, an owns tie of 50 percent 1.

On control, the stockholders' agreement parties named in the 10-K are Avellan, Antares, Vodafone, American Tower and Rakuten, an agreed tie 3. One holder holds Class C stock, which carries super-voting rights of 88.31 percent of total voting power less other shares Mr. Avellan controls 3.

Property includes owned and leased assembly sites in Midland, Texas 3.

The company says it is targeting about 45 satellites in early 2027, with a launch campaign for over 60 Block 2 satellites 1. It says the timing depends on testing, launch readiness and other factors outside its control 1.

Its plan is noncontinuous service in targeted markets with 25 satellites, continuous service in key markets with about 45 to 60, and about 90 for all targeted markets 1.

The company expects full-year 2026 revenue of $150.0 million to $200.0 million 2. It expects to prepare beta service in 2026 with select partners 2.

It estimates the average capital cost per Block 2 satellite at about $21.0 million to $23.0 million 1. It says it is fully funded for a constellation of approximately 90 satellites 1.

The company says BlueBird 14, 15 and 16 will be ready to ship shortly 2. It says it is working toward a production run rate of up to six Block 2 satellites a month 1.

A joint venture planned by the top three U.S. carriers is expected to enable connectivity to every American, according to the company 2. Japan's ministry made a preliminary selection of a Rakuten and AST SpaceMobile joint venture, with total expected value up to about $1 billion 2.

The Ligado transaction awaits regulatory approvals, and annual payments of at least $80.0 million apply to spectrum access 1.

The 1.625% notes may initially convert into a maximum of 15,080,600 Class A shares 4.

The company says integration and testing with Vodafone, Orange, Telefónica, Vodafone Ukraine and Deutsche Telekom is underway in European countries 2. It says it expects its own chip to raise throughput to up to 40 MHz per beam on Block 2 satellites 1.

The chief financial officer's new employment agreement has an initial term of three years from 14 October 2026 and renews automatically for one-year terms unless either side gives notice 5. The company says it plans to keep raising capital through equity, equity-linked or debt securities, loans or partner credit 1.