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AST SpaceMobileASTS

Legal name
AST SpaceMobile, Inc.
Sector
Technology
Industry
Communications Services, NEC
Exchange
Nasdaq

Stock Price $ASTS

Latest filings

You are here#17 of 18 in Communication by market cap

Filing record · 2019–202610-K1010-Q228-K129

ASTS filed 10 annual reports (10-K), 22 quarterly reports (10-Q) and 129 current reports (8-K) between 2019 and 2026.

  1. Material agreement8-K · Sep ’19Sep ’19
  2. Restatement8-K · Apr ’21Apr ’21
  3. Material agreement8-K · Sep ’22Sep ’22
  4. FY2025 annual report10-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025

Last reported FY2021

Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  6. $70.9M
YoY changeLargest recent move+107.9%in FY21Latest +1505.2%

1 older move runs past ±150% (largest +1505.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ASTS Financial Metrics58 metrics

Income Statement16

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

AST SpaceMobile Financial Overview 2021–2025

Updated Nov 3, 2026

AST SpaceMobile amassed a staggering $3.46 billiona in total liquidity by Q1 2026, arming itself for one of the most capital-intensive commercial rollouts in the telecommunications sector. This unprecedented war chest underpins the central investment thesis: AST is a high-risk, high-reward infrastructure play that has successfully leveraged capital markets to fund its pre-revenue satellite broadband constellation. To illustrate the sheer scale of its financial transformation, the company's cash reserves surged from $324.5 million in FY2021 to $2.78 billion by the close of FY2025.

This balance sheet expansion stems from aggressive debt financing, highlighted by the massive issuance of $1.15 billionb in 2.00% convertible notes due 2036. The continuous capital influx is strictly necessary to offset steep cash burn, as quarterly net losses reached $191.0 million in Q1 2026. Simultaneously, heavy capital expenditures drove net property and equipment assets to $1.64 billion as the company manufactured its BlueBird satellites and secured vital spectrum rights. Although the business is only just beginning to commercialize its technology—recording a modest $14.7 million in revenue during Q1 2026—investors have aggressively priced in future growth. The market valued this global connectivity potential at a deep premium, with the stock trading at $72.63 at the close of FY2025.

Recent Developments (Q1 and Q2 2026)

Revenue accelerated to $31.5 millionc in Q2 2026 from $14.7 million in Q1 2026, and $1.2 million a year earlier. First-half revenue reached $46.3 million against full-year guidance of $150.0 million to $200.0 million. Backlog stands near $1.30 billion. The loss of the BlueBird 7 satellite cost $125.9 million and widened the Q2 2026 net loss to $230.9 million. The FCC authorized a network of up to 248 satellites. The company now targets about 45 satellites in orbit by early 2027, later than its earlier 2026 goal. A $1.15 billion convertible offering in July 2026 priced at 1.625%. Japan's J-LEO program could add up to $1 billion in non-dilutive capital.

The bull case: contracted backlog, over 60 carrier partners and new government awards support the ramp. The bear case: a delayed launch schedule, rising operating costs and repeated dilutive financing. The valuation snapshot shows a $68.76d close as of August 9, 2026, but the P/E of 0.0x is not meaningful given the losses.

What to watch: pace of BlueBird launches toward the 45-satellite target; finalization of the Japan J-LEO subsidy

03—Filings

Recent SEC Filings

  1. 8-KAST SpaceMobile 8-K Report, Executive Changes (Oct 20, 2026)AST SpaceMobile, Inc. (ASTS) filed an 8-K on October 20, 2026, to disclose the entry into a new executive employment agreement with its Executive Vice President, Chief Financial Officer, and Chief Legal Officer, Andrew M. Johnson. This agreement, effective October 14, 2026, replaces his prior contract and establishes a three-year initial term with automatic one-year renewals. The new agreement outlines a base salary of at least $250,000, eligibility for annual performance bonuses, and potential equity awards, reflecting a structured approach to executive compensation and retention. Key provisions of the new employment agreement include terms for severance in the event of termination without cause or by Mr. Johnson for good reason. These provisions offer continued base salary payments, earned bonus potential, COBRA subsidies, and accelerated vesting of certain restricted stock units, providing financial security and aligning executive interests with the company's long-term performance and stability. Mr. Johnson remains subject to existing confidentiality and non-competition agreements.
  2. 8-KAST SpaceMobile 8-K Report, Executive Changes (Sep 28, 2026)AST SpaceMobile, Inc. (ASTS) has filed an 8-K report detailing the adoption of its new Senior Management Change of Control Severance Policy (COC Severance Policy). This policy is designed to provide financial security to key executives, including the CEO, President, and Executive/Senior Vice Presidents, in the event of a change of control or termination under specific circumstances. The policy outlines severance packages that include cash payments based on a multiple of salary and target bonus, pro-rata bonus, and continued health coverage subsidies. For the CEO, these multiples are higher (2.0x salary/bonus, 24 months of benefits) compared to other eligible employees (1.5x salary/bonus, 18 months of benefits). Additionally, outstanding performance-based equity awards will be converted to time-based awards upon a change of control, with potential full vesting upon a qualifying termination.
  3. 8-KAST SpaceMobile 8-K Report, Financial Results (Aug 10, 2026)AST SpaceMobile (ASTS) reported second-quarter 2026 results alongside a business update, showing revenue of $31.5 million for the quarter (up from $1.2 million in Q2 2025) and a GAAP net loss attributable to common stockholders of $230.9 million, or $(0.77) per share. The quarter was heavily affected by a $125.9 million loss on involuntary conversion tied to the BlueBird 7 launch, which pushed total operating expenses to $329.1 million. Excluding that loss, depreciation and amortization, and stock-based compensation, adjusted operating expenses were $119.1 million, up from $91.2 million in Q1 2026. Management reiterated full-year 2026 revenue guidance of $150.0 million to $200.0 million, with first-half revenue of $46.3 million, meaning the second half must deliver a substantial ramp. On the commercial and strategic side, the company cited partnerships with more than 60 mobile network operators covering over 3 billion subscribers, a contracted revenue backlog of roughly $1.30 billion, and more than $125 million in newly announced U.S. Government awards. The network now has 13 satellites in orbit, with BlueBirds 14 through 16 ready to ship and production under way through BlueBird 46, and the company is preparing for beta service in 2026. The balance sheet was significantly strengthened: cash, equivalents and restricted cash were about $2.7 billion at June 30, 2026, and pro forma liquidity exceeded $3.7 billion after a July 2026 $1.15 billion convertible notes offering. Long-term debt rose to about $2.96 billion, and the company burned $145.2 million in operating cash flow and $979.7 million in investing cash flow during the first half. Investors should weigh the long-term opportunity against substantial execution and financing risk. Revenue remains small relative to the capital program, gross property and equipment has grown to about $2.28 billion, and forward-looking statements explicitly flag risks around regulatory approvals, definitive MNO agreements, launch timing, and competition. The Block 2 shipment timing is explicitly contingent on assembly, testing and regulatory approvals, and the target of about 45 satellites in orbit by early 2027 depends on these factors. The results are not a verdict on the business model itself but show a company in heavy build-out mode that needs flawless delivery on satellite launches and revenue ramp to justify its valuation and debt load.
  4. 8-KAST SpaceMobile 8-K Report, Material Agreement (Jul 20, 2026)On July 20, 2026, AST SpaceMobile (ASTS) closed its previously announced private Rule 144A offering of $1.0 billion aggregate principal amount of 1.625% Convertible Senior Notes due February 1, 2034. Net proceeds were approximately $983.6 million after initial purchasers' discounts and offering expenses, of which $96.9 million was used to pay for capped call transactions. The notes are senior unsecured obligations, pay semiannual interest, and cannot be redeemed by the company before maturity. The company has stated the remaining proceeds will fund growth initiatives and secure additional orbital access, including possible partnerships or acquisitions to vertically integrate and reduce reliance on third-party launch providers, though it has no current agreements for such transactions. The conversion price is about $79.57 per share, a 20% premium to the July 15, 2026 closing price of $66.31. Conversion settlement is at the company's election in cash, shares, or a combination, so dilution depends on that choice. Initially up to about 15.08 million Class A shares could be issued on conversion, excluding any shares from the $150 million over-allotment option, which the initial purchasers may exercise within 13 days. The capped calls, with a cap of $149.20 (a 125% premium), are designed to offset dilution up to that level, which materially lowers the effective dilution from a conversion event. For investors, the key trade-offs are a low coupon and extended maturity against meaningful leverage added to a company that is still pre-revenue at scale, and a holder put at par only upon a fundamental change. The 8-K contains no operating or financial results for the quarter, so the financing's impact should be assessed alongside the company's forthcoming periodic reports and its launch and satellite deployment progress.
  5. 8-KAST SpaceMobile 8-K Report, Financial Results (Jul 15, 2026)AST SpaceMobile (ASTS) announced on July 15, 2026 a proposed private offering of $1.0 billion of convertible senior notes due February 1, 2034 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an additional $150 million. The notes will be senior, unsecured, and convertible into cash, Class A common stock, or a combination at the company's election. Interest rate, conversion rate, and other terms are to be set at pricing. Proceeds will partly fund capped call transactions intended to reduce dilution, with the remainder directed to growth initiatives, secured orbital access, and possible partnerships or acquisitions to vertically integrate and reduce reliance on third-party launch providers. The company states it has no current agreements for any such strategic transactions. The filing also provides a preliminary, unaudited liquidity figure: total cash, cash equivalents and restricted cash of approximately $2,723 million as of June 30, 2026. The company explicitly notes that its Q2 2026 financial results are not yet complete, that the estimate is subject to revision, and that auditors have not reviewed it. Investors should weight this figure accordingly. Separately, the company updated its launch outlook, now targeting approximately 45 BlueBird satellites in early 2027, contingent on satellite testing, launch vehicle readiness, and logistics. The filing also discloses advanced discussions with Rakuten, a shareholder, regarding RAST Co., Ltd. as a preliminary indirect subsidy recipient under Japan's J-LEO program, with an expected value up to 148 billion yen (about $1 billion). The subsidy award and related joint venture are not assured. Together, the debt raise, the cash position, the launch timeline, and the Japanese opportunity define the near-term investment case, with execution risk on launches and financing terms remaining central.
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04—See also

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