AST SpaceMobile (ASTS) Q1 2026 Financial Results Summary

AST SpaceMobile, Inc. (NASDAQ: ASTS) released its first quarter financial results on May 11, 2026, providing insights into its business performance and ongoing developments.

Key Highlights

• Network Deployment
  • Targeting approximately 45 BlueBird satellites in orbit during 2026, supported by multiple launch providers including Blue Origin and SpaceX.
  • BlueBird 8, BlueBird 9, and BlueBird 10 scheduled for launch in mid-June 2026 on a Falcon 9 launch vehicle.
  • Vertically integrated production reaching scale: BlueBird 11 through BlueBird 33 are in advanced stages of production and assembly.
• Regulatory and Commercial Progress
  • The FCC authorized commercial SpaceMobile service in the U.S. with a grant of Supplemental Coverage from Space for direct-to-device broadband.
  • Expanded global commercial partner ecosystem, now covering nearly 60 mobile network operator partners reaching over 3 billion subscribers.
  • First quarter revenue was $14.7 million, a significant increase compared to $718,000 in Q1 2025, reflecting a 1,949% increase year-over-year.
• Technological Advancements
  • New record of 98.9 Mbps peak data speeds achieved from the Block 1 BlueBird satellite directly to unmodified smartphones over international waters.
  • The Block 2 BlueBird satellite is expected to nearly double peak data speeds achieved by Block 1.
• Financial Performance
  • Total operating expenses for Q1 2026 were $164.1 million, an increase of $100.5 million compared to $63.7 million in Q1 2025.
  • Adjusted operating expenses were $91.2 million, a decrease of $4.5 million from the previous quarter.
  • The net loss for Q1 2026 was $249.6 million, compared to $63.6 million in Q1 2025, a 292% increase year-over-year. On a per-share basis, the net loss attributable to common stockholders was $0.66 versus $0.20 in the prior year.
• Cash Position
  • As of March 31, 2026, reported cash, cash equivalents, and restricted cash totaled approximately $3.5 billion.
  • The company incurred approximately $1.8 billion in gross capitalized property and equipment costs.
• Share Repurchase & Dividends
  • AST SpaceMobile did not declare a quarterly dividend in this reporting period.
  • The company executed share repurchases of convertible notes, notably paying $180.5 million for 4.25% convertible notes maturing in 2032.
• Forward Guidance
  • On track to achieve full-year revenue guidance of $150 million to $200 million for 2026, primarily driven by mobile network partners and government contracts.
  • Approximately half of the expected revenue is anticipated to come from an existing contracted revenue backlog.

Summary of Financial Metrics

• Revenue Growth
  • Q1 2026 Revenue: $14.7 million (Increase: 1,949% YoY from $718,000 in Q1 2025)
• Operating Expenses
  • Q1 2026 Total Operating Expenses: $164.1 million (Increase: 258% YoY from $63.7 million in Q1 2025)
• Net Loss
  • Q1 2026 Net Loss: $249.6 million (Increase: 292% YoY from $63.6 million in Q1 2025)
  • Net Loss per Share: $0.66 (from $0.20 in Q1 2025)
• Cash and Investments
  • Cash, Cash Equivalents, and Restricted Cash as of March 31, 2026: $3.5 billion

This financial report illustrates AST SpaceMobile's rapid growth trajectory in revenue along with ongoing expenses primarily driven by operational scaling and satellite deployment efforts. The increases in loss reflect investments in technology and infrastructure as the company positions itself to capture a share of the burgeoning space-based cellular broadband market.

AST SPACEMOBILE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Dollars in thousands)

Note: All amounts are in thousands.

For the Three Months	2026	2025
Products revenues	$13,406	$375
Services revenues	1,329	343
Total revenues	14,735	718
Cost of revenues - products	11,063	-
Cost of revenues - services	586	-
Engineering services costs	84,097	27,204
General and administrative costs	43,657	18,384
Research and development costs	7,129	7,135
Depreciation and amortization	17,615	10,958
Total operating expenses	164,147	63,681
Loss on remeasurement of warrant liabilities	(1,174)	(3,206)
Interest expense	(24,278)	(4,736)
Interest income	26,998	8,196
Other (expense) income, net	(100,546)	(751)
Total other (expense) income, net	(99,000)	(497)
Loss before income tax expense	(248,412)	(63,460)
Income tax expense	(1,169)	(168)
Net loss before allocation to noncontrolling interest	(249,581)	(63,628)
Net loss attributable to noncontrolling interest	(58,569)	(17,922)
Net loss attributable to common stockholders	$(191,012)	$(45,706)
Net loss per share attributable to holders of Class A Common Stock Basic and diluted	$(0.66)	$(0.20)
Weighted-average number of shares Basic and diluted	290,689,457	223,974,396

AST SPACEMOBILE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands, except share data)

Note: All amounts are in thousands.

As of	March 31, 2026	December 31, 2025
Cash and cash equivalents	$3,029,591	$2,335,683
Restricted cash	873	877
Accounts receivable, net	27,453	37,726
Inventory	16,756	12,007
Prepaid expenses	10,673	11,955
Other current assets	67,253	60,264
Total current assets	3,152,599	2,458,512
Restricted cash	428,400	443,400
Property and equipment, net	1,638,262	1,398,761
Intangible assets, net	267,693	245,093
Operating lease right-of-use assets, net	19,316	19,420
TOTAL ASSETS	$6,051,141	$5,014,387
Accounts payable	$60,850	$46,763
Accrued expenses and other current liabilities	72,715	69,246
Current contract liabilities	25,861	19,887
Current operating lease liabilities	3,038	2,449
Current portion of long-term debt	8,236	11,999
Total current liabilities	170,700	150,344
Warrant liabilities	-	7,471
Non-current operating lease liabilities	16,838	17,479