01—Abstract
Summary
Summary of the 10-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.
AST SpaceMobile (ASTS) is building a space-based cellular broadband network designed to connect unmodified smartphones directly from low Earth orbit, with commercial agreements in place with AT&T, Verizon, Vodafone (via the SatCo joint venture), and STC, and partnerships with over 50 MNOs covering nearly 3 billion subscribers.
The company is still pre-commercial: the SpaceMobile Service has not launched and generated no revenue. Fiscal 2025 revenue was $70.9 milliona (products $44.4 million, mostly gateway equipment sales to MNOs, and services $26.5 million, mostly U.S. government work), against a net loss attributable to common stockholders of $341.9 million, down from $300.1 million in 2024 once warrant and interest items are considered. The company ended 2025 with $2.78 billion of cash, cash equivalents and restricted cash, and it raised further capital after year-end, including $1.06 billion in net proceeds from 2036 2.25% convertible notes in February 2026.
The balance sheet grew sharply in 2025. Total debt rose to about $2.26 billionb principal, including $1.15 billion of 2036 2.00% notes, $575 million of 2032 2.375% notes, and a $420 million UBS bridge loan secured by cash collateral. Management plans roughly 45 to 60 Block 2 BlueBird satellites by the end of 2026, with an estimated $21 to $23 million per satellite in capital cost and about $489 million of purchase commitments.
The company states it believes it is fully funded for a constellation of approximately 90 satellites, but this depends on continued access to capital markets and on closing the Ligado L-band spectrum transaction, which requires FCC approval and faces a pending dispute with Inmarsat. Investors should weigh the company's strong funding position and large spectrum and IP position against substantial execution risk: launch cadence, satellite performance, regulatory approvals, MNO contract conversion, dilution from ATM programs and convertibles, and concentrated voting control held by founder Abel Avellan (about 72%c of combined voting power).
02—Key points
Key Highlights
- Revenue of $70.9 million in 2025 versus $4.4 million in 2024, driven by $44.4 million of gateway equipment and software sales to MNOs and $26.5 million of U.S. government services; no SpaceMobile Service revenue yet.
- Net loss attributable to common stockholders of $341.9 million in 2025 (vs. $300.1 million in 2024); total operating expenses rose 45% to $358.6 million, led by engineering services (+52%) and G&A (+65%).
- Cash, cash equivalents and restricted cash of $2.78 billion at December 31, 2025, plus about $1.06 billion in net proceeds from the February 2026 2036 2.25% convertible notes issuance; management says cash is sufficient for the next 12 months.
- Total debt principal of about $2.26 billion at year-end 2025, up from $167 million in 2024, largely from convertible notes and the $420 million UBS bridge loan that is cash collateralized at 102%.
- Launched the first Block 2 satellite (BB6) on December 23, 2025, with a 2,400 sq ft phased array; plans for roughly 45 to 60 Block 2 satellites by end-2026 at one launch every one to two months, and about 25 satellites needed for initial noncontinuous service.
- Pending Ligado L-band (up to 45 MHz) and S-Band ITU priority rights transactions; the Ligado closing requires FCC approval, and Inmarsat litigation poses a risk to regulatory support.
- Founder Abel Avellan controls about 72% of combined voting power through Class C stock, and the company qualifies as a Nasdaq controlled company.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 2, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $70.92M$4.42M | +1505.2% |
| R&D Expenses | $28.11M$28.78M | −2.3% |
| Operating Expenses | $358.63M$247.18M | +45.1% |
| Interest Expense | $31.80M$18.70M | +70.1% |
| Net Income | -$341.94M-$300.08M | −13.9% |
| Shares Outstanding (Basic) | 255.98M154.50M | +65.7% |
| Shares Outstanding (Diluted) | 255.98M154.50M | +65.7% |
05—Questions
Frequently Asked Questions
When will AST SpaceMobile begin generating meaningful service revenue?
The company has not yet launched the SpaceMobile Service and has recognized no service revenue from it. Management plans initial noncontinuous service in select markets such as the U.S., Europe and Japan once roughly 25 satellites are operating, and continuous coverage across key markets needs about 45 to 60 satellites. Timing depends on satellite launches, FCC and other regulatory approvals, and finalizing commercial agreements, so the filing provides no firm commercial launch date.
Is the company adequately funded to complete its satellite constellation?
Management states it believes it is fully funded to manufacture and launch a constellation of about 90 BlueBird satellites and that cash on hand covers the next 12 months. However, the filing also says the company will need significant additional capital for satellites beyond the funded size and for operations, that per-satellite costs of $21 to $23 million could rise, and that it may need to raise funds through equity, convertibles or debt. Ongoing ATM programs and convertible note activity could dilute existing shareholders.
What are the main risks from the Ligado transaction?
The closing depends on regulatory approvals, including FCC approval, and the Sound Point facility ($550 million) can only be drawn after those approvals and closing conditions are met. An ongoing dispute with Inmarsat could affect regulatory support, and an appeal of the bankruptcy court ruling could impair approval. If the deal fails, the $420 million paid into a cash-collateralized account is refundable only under the backstop commitment. The company also expects about 4.7 million penny warrants and possible share-settled spectrum payments to dilute shareholders.
How concentrated is voting control at AST SpaceMobile?
As of February 26, 2026, Chairman and CEO Abel Avellan and his permitted transferees held all Class C common stock, representing about 72% of combined voting power. The company is a Nasdaq controlled company and relies on exemptions, so it does not have a majority-independent board. This concentration may limit other shareholders' ability to influence change-of-control transactions and could affect the trading price of Class A shares.
06—Continue