10-KPeriod: FY2025

AST SpaceMobile, Inc. Annual Report, Year Ended Dec 31, 2025

Filed March 2, 2026For Securities:ASTS

Summary

AST SpaceMobile, Inc. (ASTS) is on the cusp of launching its groundbreaking satellite-to-smartphone cellular broadband network, a vision poised to connect the estimated 5.8 billion global subscribers who experience intermittent coverage or are entirely outside terrestrial networks. The company has made significant strides in its technological development, successfully testing its BlueWalker 3 and five Block 1 BlueBird satellites. Key advancements include achieving 5G voice calls and substantial download speeds directly to unmodified smartphones, and most recently, launching its first Block 2 satellite (BB6) featuring a significantly larger phased array antenna, promising enhanced capacity and efficiency. The company has secured crucial spectrum rights through agreements with Ligado Networks and acquired additional international spectrum, bolstering its network capabilities. ASTS has also established definitive commercial agreements with major Mobile Network Operators (MNOs) such as AT&T, Verizon, Vodafone, and STC, covering significant portions of the U.S. and international markets. While the SpaceMobile Service has not yet generated commercial revenue, the company has recognized limited revenue from U.S. government contracts and gateway equipment sales. Despite substantial progress, significant risks remain, including the need for substantial future capital, ongoing regulatory approvals, and the inherent complexities and costs of satellite deployment and operation.

Financial Highlights

47 data points
Beta

Revenue

$70.92M

Net Income

-$341.94M

-482.2% Net Margin

Total Assets

$5.01B

Cash & Equivalents

$2.34B

Free Cash Flow

-$1.14B

Financial Statements
Beta
Revenue$70.92M
R&D Expenses$28.11M
Operating Expenses$358.63M
Interest Expense$31.80M
Net Income-$341.94M
Shares Outstanding (Basic)255.98M
Shares Outstanding (Diluted)255.98M

Key Highlights

  • 1Successful launch and deployment of five Block 1 BlueBird satellites and the first Block 2 satellite (BB6), demonstrating significant technological progress and increased satellite capabilities.
  • 2Completion of successful 5G voice and video calls, and high-speed data transfers directly to standard, unmodified smartphones, validating the core SpaceMobile Service.
  • 3Secured key spectrum rights through definitive agreements with Ligado Networks for mid-band spectrum in the U.S. and Canada, and acquired additional international S-band spectrum.
  • 4Established definitive commercial agreements with major MNOs including AT&T, Verizon, Vodafone, and STC, providing access to substantial subscriber bases and key markets.
  • 5Developed advanced satellite technology, including large phased-array antennas and proprietary ASIC chips, designed to offer superior capacity, efficiency, and direct-to-device connectivity.
  • 6Generated limited revenue from U.S. government contracts and sales of gateway equipment, signaling early commercial engagement while awaiting full SpaceMobile Service launch.
  • 7Significant progress in manufacturing capabilities, with capacity to assemble, integrate, and test up to six BlueBird satellites per month, supporting planned constellation deployment.

Frequently Asked Questions

AST SpaceMobile plans to initiate a limited, non-continuous SpaceMobile Service in select targeted geographical markets, including the United States, Europe, and Japan, following the successful deployment of its satellite constellation. While specific commercial launch dates are not provided, the company is accelerating its manufacturing and launch campaigns with plans to deploy 45 to 60 Block 2 BB satellites by the end of 2026 to enable continuous coverage in key markets. Beta testing is ongoing prior to the rollout of initial services.

Currently, AST SpaceMobile generates limited revenue from performance obligations under agreements with the U.S. government and from the sale of gateway equipment, software, and related services to MNOs. The primary intended source of future revenue will be from the SpaceMobile Service, provided to end-users through MNO partners, typically on a revenue-sharing basis. The company has not yet generated significant revenue from the SpaceMobile Service itself.

AST SpaceMobile faces several significant risks. These include the substantial capital required for its satellite constellation development and deployment, the possibility of delays or failure in satellite launches and operations, ongoing reliance on regulatory approvals for spectrum usage, intense competition in the telecommunications and satellite industries, and the need to raise additional funds. The company also notes risks related to its dependence on key personnel and the complex nature of its technology and supply chain.

AST SpaceMobile is securing spectrum through multiple avenues. This includes obtaining usage rights for mid-band spectrum via definitive agreements with Ligado Networks in the U.S. and Canada, acquiring international S-band spectrum rights, and partnering with MNOs who provide access to their licensed terrestrial spectrum, often requiring regulatory approvals for Supplemental Coverage from Space (SCS). The company has made progress with FCC modifications and has entered into lease agreements with major carriers like AT&T and Verizon.