AST SpaceMobile Inc
(NASDAQ:ASTS)

AST SpaceMobile is building the first, and only, space-based cellular broadband network to operate directly with standard, unmodified mobile devices based on its extensive IP and patent portfolio. AST SpaceMobile's team of engineers and space scientists are on a mission to eliminate the connectivity...

Website: https://ast-science.com/

Founded: 2017

CEO / Founder: Abel Avellan

Sector: Information

Industry: Wired Telecommunications Carriers

SPaaS

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At a glance:

Pre-Revenue Business with Heavy R&D and Capex Spend: AST SpaceMobile remains in an investment phase, with limited operating revenue and significant spending tied to satellite design, testing, and future constellation buildout.
Funding Needs and Dilution Risk Remain Key Watch Items: Given the scale of planned deployment, the company’s path likely requires additional capital over time, creating ongoing risk of equity dilution and/or increased leverage depending on financing choices.
Execution Milestones Drive Sentiment (Launches, Testing, Network Readiness): Shares tend to react to progress on satellite launches, in-orbit performance validation, regulatory clearances, and timelines for moving from demonstrations to initial commercial service.
Partnerships with Mobile Network Operators Are Central to Commercialization: The strategy depends on working with telecom partners to enable direct-to-device connectivity, so contract terms, rollout scope, and revenue-sharing arrangements are critical indicators of future revenue potential.
High Upside Potential Balanced by Technical and Regulatory Uncertainty: If the technology scales as intended, ASTS could address a large coverage gap for mobile connectivity; however, technical performance, spectrum coordination, and regulatory approvals remain meaningful risks.

Bull Thesis:

Proven Technology & First-Mover Advantage: Successful testing of the BlueWalker 3 (BW3) satellite has validated ASTS's core technology, demonstrating direct-to-standard-smartphone connectivity from space. This gives ASTS a significant lead in a potentially massive market, with no other company currently offering comparable capabilities at this scale, reducing technical risk.
Expansive Market Opportunity & Strategic Partnerships: ASTS targets a multi-billion dollar total addressable market by providing cellular broadband to the 50% of the world without it and ubiquitous coverage everywhere else. Its strategic partnerships with major mobile network operators (MNOs) like Vodafone, AT&T, and Rakuten represent over 2 billion subscribers, providing a clear path to market access upon constellation deployment.
Regulatory Progress & De-risking: The company has made significant strides in securing necessary regulatory approvals, including experimental licenses from the FCC and progress with international bodies for spectrum use. This de-risks a critical aspect of their business model, paving the way for future commercial operations and global expansion.

Bear Thesis:

High Capital Expenditure & Dilution Risk: Building and launching a full constellation of satellites requires immense capital. ASTS will likely need to raise substantial additional funds, potentially leading to significant shareholder dilution through future equity offerings or increased debt, impacting future share price and ownership.
Execution Risk & Potential Delays: Space-based projects are inherently complex and prone to delays in manufacturing, launch, and deployment. Any significant setback in the production or launch of the Block 1 satellites, or issues with scaling the technology, could push back revenue generation timelines, increase costs, and erode investor confidence.
Unproven Commercial Viability & Revenue Model: While partnerships exist, the long-term commercial viability and revenue-sharing models with MNOs at scale are still largely unproven. The willingness of MNOs to pay significant fees for this service, and the actual uptake by end-users, remains speculative, making the path to profitability uncertain and potentially longer than anticipated.
Competitive Landscape & Regulatory Hurdles: Despite a perceived first-mover advantage, other companies (e.g., Starlink Direct to Cell, Lynk) are also pursuing similar direct-to-device satellite services, potentially fragmenting the market. Additionally, securing global spectrum rights and navigating complex international regulatory frameworks for a novel service remains a significant ongoing challenge and potential bottleneck.

Main Competitors:

SpaceX (Starlink) (Starlink Direct to Cell), Developing and deploying a direct-to-cell service from its LEO satellite constellation, aiming to provide cellular connectivity (text, voice, data) directly to unmodified standard smartphones. Starlink leverages its vast satellite network and launch capabilities, posing a significant direct competitive threat to AST SpaceMobile's core offering.
Lynk Global (Lynk Global (Direct-to-Cell service)), A pure-play direct-to-standard-phone satellite service provider that has demonstrated initial capabilities (SMS, basic data) and secured partnerships with mobile network operators. Lynk is actively deploying its constellation and aims to provide global cellular coverage to unmodified devices, directly competing with AST SpaceMobile's mission.
Globalstar, Inc. ($GSAT) (Globalstar Satellite Services, Emergency SOS via Satellite (with Apple)), An established satellite communications company that provides mobile satellite voice and data services. While not focused on broadband direct-to-unmodified-phone, Globalstar has a significant direct-to-device partnership with Apple for Emergency SOS via Satellite, demonstrating capability and market presence in connecting standard phones to space-based assets for critical services.
Iridium Communications Inc. ($IRDM) (Iridium Certus, Iridium Satellite Phones, Project Stardust (Snapdragon Satellite)), A long-standing provider of global satellite voice and data services, primarily to specialized satellite phones and IoT devices. Iridium is exploring direct-to-device capabilities for emergency messaging and IoT (e.g., Project Stardust with Qualcomm), positioning it as an indirect competitor that could expand its DTD offerings beyond its traditional specialized hardware.

Moat:

AST SpaceMobile operates in a highly capital-intensive and technically challenging market, aiming to establish a 'space-based cellular tower' network. Its primary moat lies in its patented technology designed to overcome the significant link budget challenges of connecting directly to unmodified standard smartphones from LEO, and its extensive partnerships with mobile network operators (MNOs) globally. The competitive landscape is fierce, with well-funded players like Starlink (SpaceX) directly pursuing similar direct-to-cell broadband capabilities, and other pure-play DTD companies like Lynk Global also making progress. Established satellite communication companies like Globalstar and Iridium, while traditionally serving specialized devices, are also venturing into direct-to-device solutions for emergency services and IoT, leveraging existing infrastructure and relationships. Success for AST SpaceMobile hinges on its ability to scale its unique technology, secure necessary spectrum, and execute its deployment plan efficiently amidst intense competition and high regulatory hurdles.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2019-09-30

revenues:
products revenues	13,406,000
services revenues	1,329,000
total revenues	14,735,000
operating expenses:
cost of revenues		1,450,750	5,511,000
cost of revenues - products	11,063,000
cost of revenues - services	586,000
engineering services costs	84,097,000	46,164,000	40,836,000	28,598,000	27,204,000	30,945,000	21,828,000	21,202,000	19,511,000	19,993,000	19,523,000	22,813,000
general and administrative costs	43,657,000	26,231,000	29,822,000	27,242,000	18,384,000	15,889,000	15,551,000	17,839,000	12,287,000	10,528,000	10,995,000	10,221,000	9,857,000	10,698,000	12,916,000	13,075,000	11,619,000	11,605,000	9,331,000	9,157,000
research and development costs	7,129,000	9,057,000	5,530,000	6,393,000	7,135,000	5,348,000	14,724,000	4,460,000	4,257,000	10,765,000	9,418,000	10,921,000	16,381,000	14,651,000	13,543,000	9,145,000	8,281,000	7,949,000	4,888,000	9,052,000
depreciation and amortization	17,615,000	15,717,000	12,716,000	11,720,000	10,958,000	8,460,000	14,543,000	20,392,000	19,945,000	19,592,000	19,029,000	14,115,000	1,733,000	1,254,000	1,172,000	1,185,000	1,100,000	864,000	867,000	567,000
total operating expenses	164,147,000	126,582,000	94,415,000	73,953,000	63,681,000	60,642,000	66,646,000	63,893,000	56,000,000	60,878,000	58,965,000	58,070,000	44,454,000	42,607,000	42,123,000	35,404,000	32,740,000	31,260,000	23,112,000	25,097,000
other income:
interest expense	-24,278,000	-18,133,000	-7,545,000	-5,657,000	-4,736,000
interest income	26,998,000	20,781,000	12,239,000	8,017,000	8,196,000	20,010,000	-1,386,000	-2,238,000	-2,222,000									3,000	4,000	6,000		356,458.25	88,058	451,676
other income	-100,546,000	-22,556,000	-91,409,000	308,000	-751,000	206,000	1,410,000	252,000	-2,000	-4,364,000	1,002,000	1,217,000	-8,144,000	-57,000	24,875,000		15,000	-2,094,000	180,000		2,049,197	52,811	83,140	88,138	205,420
total other income	-99,000,000	-22,762,000	-83,777,000	-62,364,000	-497,000	6,784,000	-236,888,000	-68,126,000	15,990,000	-14,157,000	8,483,000	7,692,000	-646,000	17,388,000	8,978,000	22,370,000		15,936,000	39,585,000	-41,677,000
loss before income tax expense	-248,412,000	-95,039,000	-163,453,000	-135,161,000	-63,460,000				-39,510,000				-45,100,000			-7,972,000	-37,799,000			-65,113,000
income tax expense	-1,169,000	-2,614,000	-374,000	-742,000	-168,000				-294,000				-116,000	-130,000	550,000	96,000	104,000	258,000	16,000	-56,000
net loss before allocation to noncontrolling interest	-249,581,000	-97,653,000	-163,827,000	-135,903,000	-63,628,000	-52,096,000	-303,080,000	-131,350,000	-39,804,000	-77,124,000	-50,748,000	-49,589,000	-45,216,000			-8,068,000	-37,903,000
net loss attributable to noncontrolling interest	-58,569,000	-23,687,000	-40,953,000	-36,509,000	-17,922,000	-16,239,000	-131,134,000	-58,800,000	-20,074,000	-45,198,000	-29,839,000	-31,181,000	-28,898,000			-5,144,000	-27,182,000
net loss attributable to common stockholders	-191,012,000	-73,966,000	-122,874,000	-99,394,000	-45,706,000	-35,857,000	-171,946,000	-72,550,000	-19,730,000	-31,926,000	-20,909,000	-18,408,000	-16,318,000			-2,924,000	-10,721,000
net income per share
basic and diluted	-0.66	-0.25	-0.45	-0.41	-0.2	-0.05	-1.1	-0.51	-0.16	-0.37	-0.23	-0.24	-0.23			-0.06	-0.21
weighted-average number of shares
basic and diluted	290,689,457	255,982,592	272,831,168	241,985,507	223,974,396	154,501,344	155,644,888	141,185,500	121,447,138	81,824,122	89,514,621	75,640,650	71,845,206	54,437,073		51,868,658	51,760,520	51,729,785
revenues		4,153,250	14,739,000	1,156,000	718,000	1,918,000	1,100,000	900,000	500,000						4,168,000	7,264,000	2,394,000	6,220,000	2,450,000	2,773,000
yoy		116.54%	1239.91%	28.44%	43.60%										70.12%	161.95%
qoq		-71.82%	1175.00%	61.00%	-62.57%	74.36%	22.22%	80.00%							-42.62%	203.43%	-61.51%	153.88%	-11.65%
gain on remeasurement of warrant liabilities		-2,854,000	2,938,000		-3,206,000	16,212,000	-236,912,000	-66,140,000	18,214,000	-12,468,000	7,481,000	6,475,000	7,498,000	17,445,000	-15,897,000	23,049,000
weighted-average number of shares of class a common stock outstanding
basic and diluted	290,689,457	255,982,592	272,831,168	241,985,507	223,974,396	154,501,344	155,644,888	141,185,500	121,447,138	81,824,122	89,514,621	75,640,650	71,845,206	54,437,073		51,868,658	51,760,520	51,729,785
loss before income tax benefit						-118,265,500	-302,434,000	-131,119,000		-36,490,250	-50,482,000	-50,378,000
income tax benefit						-293,000	-646,000	-231,000		102,000	-266,000	789,000
weighted-average shares of class a common stock outstanding
basic and diluted	290,689,457	255,982,592	272,831,168	241,985,507	223,974,396	154,501,344	155,644,888	141,185,500	121,447,138	81,824,122	89,514,621	75,640,650	71,845,206	54,437,073		51,868,658	51,760,520	51,729,785
cost of sales															2,525,000	2,202,000	1,986,000	3,441,000	2,103,000	-1,112,000
gross profit		2,702,500	9,228,000												1,643,000	5,062,000	408,000	2,779,000	347,000	1,661,000
yoy															373.49%	204.76%
qoq		-70.71%													-67.54%	1140.69%	-85.32%	700.86%	-79.11%
gross margin %	NaN%	65.07%	62.61%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	39.42%	69.69%	17.04%	44.68%	14.16%	59.90%	NaN%	NaN%	NaN%	NaN%	NaN%
engineering services													16,483,000	16,004,000	14,492,000	11,999,000	11,740,000	10,842,000	8,026,000	6,321,000
income before income tax expense														-19,319,250	-31,502,000
net income before allocation to noncontrolling interest														-19,506,000	-32,052,000			-15,114,500	16,804,000
net income attributable to noncontrolling interest														-13,653,250	-22,286,000			-8,253,750	12,689,000
net income attributable to common stockholders														-5,852,750	-9,766,000			-6,860,750	4,115,000
yoy														-14.69%	-337.33%
qoq														-40.07%				-266.73%
net income margin %	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-234.31%	0%	0%	-110.30%	167.96%	0%	NaN%	NaN%	NaN%	NaN%	NaN%
net income per share
basic														-0.113	-0.18			-0.078	0.08
diluted														-0.113	-0.18			-0.078	0.07
weighted-average shares used for eps calculation
basic															53,233,552				51,729,704
diluted															53,233,552				51,839,841
other expense																-679,000				-6,000
weighted-average shares used for eps calculation
basic and diluted	290,689,457	255,982,592	272,831,168	241,985,507	223,974,396	154,501,344	155,644,888	141,185,500	121,447,138	81,824,122	89,514,621	75,640,650	71,845,206	54,437,073		51,868,658	51,760,520	51,729,785
total other expense																	-5,467,000
changes in fair value of warrant liabilities																		-569,000	39,401,000	-41,677,000	2,028,000
income (loss) before income tax expense																		-15,096,250	16,820,000
other income and expense:
net income																				-65,169,000	597,052	-549,049	-55,049	-51,977	87,761
add: net loss attributable to noncontrolling interests																				45,191,000
net loss attributable to common shareholders																				-19,978,000
basic and diluted net loss per share																				-0.39
basic and diluted weighted-average shares used in computing net loss per share																				51,729,704
operating costs																					1,434,836
income from operations																					-1,434,836	-632,682	-152,823	-153,931	-94,621
yoy																					1416.40%
qoq																					126.79%	314.00%	-0.72%	62.68%
operating margin %	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	0%	0%	0%	0%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%
interest income on marketable securities held in trust account																					21,197				165,606
unrealized gain on marketable securities held in trust account																						-1,342	-4,918	-363,538	39,814
profit before income taxes																					614,361
provision for income taxes																					-17,309				-23,038
weighted-average common shares subject to possible redemption outstanding, basic and diluted																					14,922,915
basic and diluted income per common share subject to possible redemption
weighted-average shares outstanding, basic and diluted																					13,827,085	7,008,667	7,007,989	7,005,122	5,307,098
basic and diluted net income per non-redeemable common share																					0.04
formation and operating costs																						123,002.75	152,823	153,931
income before income taxes																						-579,871	-69,683
benefit for income taxes																						-49,192	14,634	13,816
basic and diluted net loss per common share																						-0.08	-0.01	-0.01	-0.02
income before provision for income taxes																								-65,793	110,799
operating and formation costs																									94,621
balance – may 28, 2019
class b common stock issued to the sponsor
balance – june 30, 2019
sale of 23,000,000 units, net of underwriting discount and offering expenses																									23,000,000
sale of 6,100,000 private placement warrants
common stock subject to possible redemption																									-21,777,014
balance – september 30, 2019																									1,222,986

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31

assets
current assets:
cash and cash equivalents	3,029,591,000	2,335,683,000	1,204,282,000	923,647,000	873,778,000	564,988,000	516,389,000	285,085,000	209,973,000	85,622,000	133,310,000	190,835,000	185,043,000	238,588,000	198,869,000	202,371,000	253,731,000	321,787,000	360,390,000	402,612,000
restricted cash	873,000	877,000	15,841,000	15,753,000	680,000	2,546,000	2,497,000	2,482,000	2,467,000	2,475,000	2,416,000	636,000	653,000	668,000	660,000		1,379,000	2,750,000
accounts receivable	27,453,000	37,726,000	11,491,000													3,569,000	2,593,000	2,173,000	1,282,000	1,273,000
inventory	16,756,000	12,007,000	10,885,000																2,726,000	3,655,000
prepaid expenses	10,673,000	11,955,000	9,267,000	10,233,000	6,126,000	7,887,000	7,073,000	7,359,000	5,033,000	4,591,000	6,261,000	7,127,000	3,228,000	4,100,000	5,650,000	7,020,000	3,537,000	3,214,000	4,119,000	5,578,000	47,667	55,653	96,361	140,242
other current assets	67,253,000	60,264,000	25,237,000	23,591,000	14,021,000	24,825,000	19,662,000	20,233,000	22,036,000	14,194,000	21,084,000	22,976,000	38,185,000	24,954,000	20,127,000	16,446,000	9,862,000	4,467,000	2,072,000	1,474,000
total current assets	3,152,599,000	2,458,512,000	1,277,003,000	973,224,000	894,605,000	600,246,000	545,621,000	315,159,000	239,509,000	106,882,000	163,071,000	221,574,000	227,109,000	268,310,000	225,306,000	232,926,000	272,929,000	335,803,000	370,589,000	414,592,000	50,154,842	427,269	496,623	659,869
non-current assets:
property and equipment	1,638,262,000	1,398,761,000	1,007,844,000	761,606,000	450,822,000	337,669,000	260,068,000	248,162,000	245,284,000	238,478,000			66,452,000	53,912,000	43,543,000	37,725,000	32,157,000	28,327,000	19,909,000	15,657,000
intangible assets	267,693,000	245,093,000	213,766,000														205,000	242,000	335,000	398,000
operating lease right-of-use assets	19,316,000	19,420,000	15,482,000	15,037,000	13,415,000	14,014,000	12,088,000	12,344,000	12,796,000	13,221,000	13,212,000	13,486,000	12,955,000	7,671,000	7,901,000	7,731,000	7,990,000	7,991,000	6,783,000	6,661,000
other non-current assets	544,871,000	449,201,000	36,807,000	131,495,000	10,817,000	2,632,000	3,872,000	3,972,000	4,139,000	2,311,000	1,605,000	1,770,000	1,744,000	16,402,000	17,424,000	16,543,000	15,066,000	317,000
total assets	6,051,141,000	5,014,387,000	2,550,902,000	1,881,362,000	1,369,659,000	954,561,000	821,649,000	579,637,000	501,728,000	360,892,000	402,130,000	408,467,000	400,724,000	438,372,000	386,268,000	384,864,000	414,586,000	443,936,000	461,007,000	482,650,000	282,068,838	232,570,485	232,571,334	232,915,281
liabilities and stockholders' equity
current liabilities:
accounts payable	60,850,000	46,763,000	50,707,000	22,703,000	10,778,000	17,004,000	8,962,000	12,175,000	14,528,000	20,575,000	7,811,000	5,108,000	11,348,000	13,929,000	9,546,000	5,157,000	6,917,000	6,638,000	6,656,000	6,284,000
accrued expenses and other current liabilities	72,715,000	69,246,000	48,717,000	42,735,000	26,216,000	12,195,000	16,480,000	13,653,000	15,593,000	23,926,000	17,706,000	24,256,000	23,246,000	13,145,000	10,837,000	8,670,000	7,295,000	7,469,000	3,377,000	3,746,000
current contract liabilities	25,861,000	19,887,000	23,067,000
current operating lease liabilities	3,038,000	2,449,000	2,137,000	2,208,000	1,767,000	1,856,000	1,534,000	1,517,000	1,505,000	1,468,000	1,384,000	1,305,000	952,000	722,000	803,000	858,000	900,000	634,000	495,000	470,000
current portion of long-term debt	8,236,000	11,999,000	8,947,000	7,616,000	3,699,000	2,919,000	44,635,000	258,000	255,000	252,000
total current liabilities	170,700,000	150,344,000	133,575,000	118,316,000	84,218,000	75,942,000	94,079,000	49,383,000	31,881,000	46,221,000	26,901,000	30,669,000	35,546,000	27,796,000	21,186,000	22,175,000	22,912,000	21,377,000	15,378,000	15,604,000	1,858,263	259,841	204,608	420,235
non-current liabilities:
warrant liabilities		7,471,000	4,616,000	109,485,000	44,453,000	41,248,000	57,460,000	77,886,000	11,746,000	29,960,000	17,492,000	24,973,000	31,448,000	38,946,000	56,390,000	40,495,000	63,544,000	58,062,000	76,108,000	115,509,000	66,086,000
non-current operating lease liabilities	16,838,000	17,479,000	13,771,000	13,277,000	12,112,000	12,652,000	11,057,000	10,952,000	11,429,000	11,900,000	11,979,000	12,314,000	12,105,000	7,046,000	7,195,000	7,040,000	7,312,000	7,525,000	6,433,000	6,340,000
non-current contract liabilities	207,093,000	207,093,000	43,497,000
long-term debt	2,963,296,000	2,207,583,000	697,628,000	482,534,000	462,203,000	155,573,000	156,252,000	199,546,000	160,827,000	59,252,000	58,536,000	4,634,000	4,696,000	4,758,000	4,820,000	4,880,000	4,940,000	5,000,000
other non-current liabilities	32,386,000	32,092,000	31,797,000
total liabilities	3,390,313,000	2,622,062,000	924,884,000	723,612,000	602,986,000	285,415,000	318,848,000	337,767,000	215,883,000	147,333,000	114,908,000	72,590,000	83,795,000	78,546,000	89,591,000	74,590,000	98,708,000	91,964,000	97,919,000	137,453,000	125,994,263	8,310,507	8,256,307	8,548,277
commitments and contingencies
stockholders' equity:
class a common stock, .0001 par value...	27,000	27,000	26,000	24,000	23,000	20,000	17,000	15,000	14,000	9,000	9,000	9,000	7,000	7,000	5,000	5,000	5,000	5,000	5,000	5,000
class b common stock, .0001 par value...	3,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000
class c common stock, .0001 par value...	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000	8,000
additional paid-in capital	3,100,929,000	2,671,770,000	1,996,974,000	1,501,070,000	1,103,921,000	969,004,000	762,426,000	427,096,000	373,773,000	288,404,000	285,525,000	282,869,000	236,886,000	235,384,000	185,435,000	175,400,000	172,708,000	171,155,000	169,385,000	168,297,000	59,243,594	3,603,401	3,548,350	3,496,371
accumulated other comprehensive income	1,105,000	1,351,000	1,174,000	1,108,000	98,000	-176,000	353,000	52,000	121,000	227,000	11,000	158,000	183,000	229,000
accumulated deficit	-1,022,697,000	-831,685,000	-757,719,000	-634,845,000	-535,451,000	-489,745,000	-453,888,000	-281,942,000	-209,392,000	-189,662,000	-157,736,000	-136,827,000	-118,419,000	-102,101,000	-93,872,000	-84,106,000	-81,182,000	-70,461,000	-67,351,000	-71,466,000	-54,245,116
noncontrolling interest	581,453,000	550,850,000	385,551,000	290,381,000	198,070,000	190,031,000	193,881,000	96,637,000	121,317,000	114,568,000	159,400,000	189,655,000	198,259,000	226,294,000	205,367,000	219,488,000	224,839,000	251,693,000	261,430,000	248,721,000
total stockholders' equity	2,660,828,000	2,392,325,000	1,626,018,000	1,157,750,000	766,673,000	669,146,000	502,801,000	241,870,000	285,845,000	213,559,000	287,222,000	335,877,000	316,929,000	359,826,000	296,677,000	310,274,000	315,878,000	351,972,000
total liabilities and stockholders' equity	6,051,141,000	5,014,387,000	2,550,902,000	1,881,362,000	1,369,659,000	954,561,000	821,649,000	579,637,000	501,728,000	360,892,000	402,130,000	408,467,000	400,724,000	438,372,000	386,268,000	384,864,000	414,586,000	443,936,000
contract liabilities				43,054,000	41,758,000	41,968,000	22,468,000	21,780,000
property and equipment:
property and equipment, gross											265,798,000	194,145,000
less: accumulated depreciation and amortization											-41,556,000	-22,508,000
total property and equipment											224,242,000	171,637,000	158,916,000	145,989,000	135,637,000	124,309,000	114,850,000	95,942,000	76,586,000	54,316,000
other non-current assets:
total other non-current assets											14,817,000	15,256,000	14,699,000	24,073,000	25,325,000	27,629,000	26,807,000	12,191,000	13,832,000	13,742,000
bluewalker 3 satellite - construction in progress													92,464,000	92,077,000	92,094,000	86,584,000	82,693,000	67,615,000	56,677,000	38,659,000
inventories																3,520,000	1,827,000	1,412,000
goodwill																3,355,000	3,546,000	3,641,000	3,704,000	3,792,000
deferred revenue																7,490,000	7,800,000	6,636,000	4,850,000	5,104,000
accumulated other comprehensive loss															-271,000	-526,000	-505,000	-433,000	-394,000	-373,000
see accompanying notes to the condensed consolidated financial statements
common equity
other assets and deposits																			3,010,000	2,891,000
liabilities and stockholders’ equity
stockholders’ equity
common stock
total stockholders’ equity																			363,088,000	345,197,000	5,000,001	5,000,008	5,000,005	5,000,003
total liabilities and stockholders’ equity																			461,007,000	482,650,000	282,068,838	232,570,485	232,571,334	232,915,281
preferred stock, .0001 par value...
current assets
cash																					50,052,736	357,013	399,260	519,627
prepaid income tax																					54,439
marketable securities held in trust account																					231,913,996	232,143,216	232,074,711	232,255,412
current liabilities
accounts payable and accrued expenses																					1,258,263	259,841	204,608	243,764
promissory note - related party																					600,000
deferred tax liability																						666	1,699	78,042
deposit from investors																					50,000,000
deferred underwriting fee payable																					8,050,000	8,050,000	8,050,000	8,050,000
class a common stock																					151,074,574	219,259,970	219,315,022	219,367,001
preferred stock, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
class b common stock																					575
prepaid income taxes																						14,603	1,002
income taxes payable																								176,471
commitments
preferred stock, 0.0001 par value...
class a common stock, 0.0001 par value...																						127	126	126
class b common stock, 0.0001 par value...																						575	575	575
retained earnings																						1,395,905	1,450,954	1,502,931

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30

cash flows from operating activities:
net loss before allocation to noncontrolling interest	-249,581,000	-97,653,000	-163,827,000	-135,903,000	-63,628,000	-52,096,000	-303,080,000	-131,350,000	-39,804,000	-77,124,000	-50,748,000	-49,589,000	-45,216,000	-25,089,000	-32,053,000	-8,068,000	-37,903,000	-12,803,000
adjustments to reconcile net loss before noncontrolling interest to cash from operating activities:
depreciation and amortization	17,615,000	15,717,000	12,716,000	11,720,000	10,958,000	8,460,000	14,544,000	20,391,000	19,945,000	19,592,000	19,029,000	14,115,000	1,733,000	1,254,000	1,172,000
amortization of debt issuance costs	2,046,000	1,522,000	485,000	412,000	309,000	687,000	1,146,000	1,001,000	900,000	781,000
amortization of debt commitment fee	2,200,000	2,200,000
write off of unamortized debt issuance costs	63,000
loss on disposal of property and equipment	1,842,000						0
induced conversion expense on convertible notes	88,654,000	15,364,000
loss on remeasurement of warrant liabilities	1,174,000	2,854,000	-2,938,000	65,032,000	3,206,000	-16,212,000	236,913,000						-7,498,000		15,898,000	-23,049,000	5,482,000
stock-based compensation	55,353,000	15,152,000	13,987,000	10,525,000	7,826,000	11,422,000	6,810,000	8,874,000	4,933,000	2,694,000	2,589,000	5,532,000	2,474,000	2,298,000	2,398,000	2,441,000	2,254,000	1,837,000	1,301,000
non-cash interest expense	698,000	516,000
non-cash interest income	-301,000
loss from equity method investment	4,908,000
changes in operating assets and liabilities:
accounts receivable	10,273,000	-26,235,000												248,000	-628,000	-1,143,000	-470,000	-930,000	-38,000
prepaid expenses and other current assets	-5,816,000	-22,474,000	-3,166,000	-12,593,000	10,611,000	-6,076,000	2,188,000	-1,822,000	-8,306,000	10,481,000	17,148,000	-3,379,000	-12,168,000	-4,144,000	-4,112,000	-9,494,000	-6,838,000	-1,516,000	819,000	-3,494,611	-24,389
inventory	-4,749,000	-1,122,000												0	-148,000	-1,856,000	-457,000	1,321,000	881,000
accounts payable and accrued expenses	24,048,000	14,523,000	-2,947,000	19,960,000	715,000	1,741,000	6,875,000	-6,477,000	-8,396,000	6,066,000	-2,103,000	-9,665,000	5,553,000	6,179,000	9,421,000	154,000	2,684,000	3,160,000	-1,181,000	-511,977	623,977	374,445	55,233
contract liabilities	5,974,000	136,919,000	23,511,000	1,296,000	-210,000	19,500,000	688,000
other assets and liabilities	-2,459,000	3,402,000	-9,888,000	-3,898,000	1,200,000	-1,341,000	109,000	144,000	828,000	37,000	-14,879,000	-824,000	17,383,000	1,251,000	-1,400,000	-1,365,000	-14,751,000	2,691,000	-119,000
net cash from operating activities	-48,058,000	64,969,000	-64,462,000	-43,478,000	-28,546,000	-28,440,000	-33,429,000	-16,152,000	-48,122,000	-24,901,000	-36,052,000	-50,256,000	-37,733,000	-35,040,000	-32,919,000	-40,997,000	-47,508,000	-21,483,000	-20,240,000	-37,509,763	-862,237	-225,862	-56,882
capital expenditures	-206,438,000	-382,714,000	-216,852,000	-300,917,000	-107,550,000	-77,809,000	-33,312,000	2,339,000	-33,834,000	-11,056,000	6,268,000	-7,318,000	-14,802,000	-9,632,000	-7,803,000	-9,128,000	-2,999,000	-3,664,000	-3,506,000	0	0	0	0
free cash flows	-254,496,000	-317,745,000	-281,314,000	-344,395,000	-136,096,000	-106,249,000	-66,741,000	-13,813,000	-81,956,000	-35,957,000	-29,784,000	-57,574,000	-52,535,000	-44,672,000	-40,722,000	-50,125,000	-50,507,000	-25,147,000	-23,746,000	-37,509,763	-862,237	-225,862	-56,882
cash flows from investing activities:
purchase of property and equipment	-261,599,000	-395,696,000	-238,423,000	-310,166,000	-120,456,000	-82,032,000	-30,325,000					-7,744,000	-15,228,000	-9,632,000	-8,488,000	-7,537,000	-4,660,000	-3,787,000	-4,295,000
capital advances to ligado	-100,000,000
purchase of spectrum intangibles	-17,664,000	-28,436,000
net cash from investing activities	-379,263,000	-844,132,000	-266,384,000	-310,166,000	-120,456,000	-82,032,000	-30,325,000	-22,202,000	-39,568,000	-22,345,000	-73,490,000	-7,584,000	-15,388,000	-11,538,000	13,786,000	-12,033,000	-21,567,000	-14,298,000	-21,896,000	-18,901,228	303,228	0	14,635
cash flows from financing activities:
proceeds from debt	1,060,608,000	1,567,744,000	570,281,000	24,250,000	449,248,000	0	0	35,000,000	110,000,000	0				0	0	133,000	97,000
repayments of debt	-18,213,000	-2,180,000	-2,014,000	-861,000	-65,000	-48,565,000	-63,000	-62,000	-62,000	-62,000
payment for debt issuance costs	-3,070,000	-5,681,000	609,000	-116,000	-6,400,000				-5,162,000	0
proceeds from issuance of common stock	80,723,000	719,277,000	113,841,000	406,511,000	56,265,000	213,036,000	148,990,000							85,029,000
payments for third party equity issuance costs	-458,000	-13,016,000	-1,461,000	-8,380,000	-1,463,000
issuance of equity under employee stock plan	2,499,000	3,765,000	850,000	3,012,000	4,181,000	1,883,000	2,953,000			0	45,000
employee taxes paid for stock-based compensation awards	-20,070,000	-4,339,000	-12,652,000	-4,654,000	-1,373,000	-1,876,000	-2,085,000	-926,000	-314,000
purchase of capped call transactions		0	-54,050,000	0	-44,528,000
proceeds from share issuances to repurchase 2032 4.25% convertible notes	180,537,000	161,060,000
payments for repurchase of 2032 4.25% convertible notes	-180,537,000	-160,717,000
proceeds from share issuances to repurchase 2032 2.375% convertible notes	433,739,000
payments for repurchase of 2032 2.375% convertible notes	-430,424,000
net cash from financing activities	1,105,334,000	2,340,435,000	611,426,000	419,762,000	455,865,000	159,541,000	294,683,000	113,563,000	212,180,000	-636,000	53,741,000	63,591,000	36,000	85,042,000	17,035,000	133,000	130,000	63,000	0	366,397,406	50,480,594
effect of exchange rate changes on cash, cash equivalents and restricted cash	891,000	-1,435,000	143,000	-1,176,000	61,000	-421,000	390,000	-82,000	-147,000	253,000	56,000	24,000	-475,000				-482,000
net increase in cash, cash equivalents and restricted cash	678,904,000	1,559,837,000	280,723,000	64,942,000	306,924,000	48,648,000	231,319,000	75,127,000	124,343,000		-55,745,000			39,727,000	-2,842,000
cash, cash equivalents and restricted cash, beginning of period	2,779,960,000		0	0	567,534,000	0	0	0	88,097,000	0	0	0	239,256,000	0	0	0	324,537,000
cash, cash equivalents and restricted cash, end of period	3,458,864,000		280,723,000	64,942,000	874,458,000	48,648,000	231,319,000	75,127,000	212,440,000	-47,629,000	-55,745,000	5,775,000	185,696,000	39,727,000	-2,842,000	-52,739,000	255,110,000
supplemental disclosure of cash flow information:
non-cash activities
right-of-use assets obtained in exchange for operating lease liabilities	310,000	4,027,000	1,699,000							30,000	199,000	1,003,000	5,507,000	0	857,000	81,000	191,000
non-cash investing and financing activities:
purchases of property and equipment in accounts payable and accrued expenses	55,161,000	12,982,000	21,571,000	9,249,000	12,906,000	4,223,000	-2,987,000	2,339,000	5,734,000	11,289,000	6,268,000	426,000	426,000
pik interest paid through issuance of pik notes		0	0	0	497,000	0	0
convertible notes settled by issuance of class a common stock					139,620,000
spectrum intangibles acquisition costs accrued or paid by issuance of shares	10,575,000	2,891,000
settlement of warrant liabilities by issuing shares	8,645,000	0				0
cash paid for:
interest	10,650,000	3,640,000	3,402,000	-3,074,000	3,887,000	5,294,000	2,272,000	2,217,000	2,205,000
income taxes	1,016,000	5,136,000	339,000	623,000	700,000	534,000	233,000	192,000	710,000
adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
loss on disposal/sale of property and equipment
proceeds from warrant exercises																0	33,000
proceeds from capped call sales
payments for debt commitment fee		0
cash, cash equivalents and restricted cash beginning of period
cash, cash equivalents and restricted cash end of period
non-cash activities:
deferred asset acquisition costs paid by issuance of penny warrants		0	0
2034 convertible notes settled by issuance of class a common stock		0	0
acquisition of equity investment in and loan receivable from satco by contributing exclusive distribution rights
cash paid during the fiscal year for:
operating lease right-of-use assets and operating lease liabilities			-24,000	-29,000	-30,000	-8,000	378,000	-13,000	-8,000
proceeds from warrants exercises
paid-in-kind ("pik") interest expense				0	497,000	0	0
gain on sale of nano
issuance of common stock for commitment shares														0	142,000
proceeds from sale of nano, net of cash deconsolidated and transaction costs														-104,000
payments for debt issuance costs							-4,273,000
payments for equity issuance costs							-4,146,000
gain on remeasurement of warrant liabilities									-18,214,000	12,468,000	-7,481,000
purchase of property and equipment and advance launch payments									-39,568,000	-22,345,000
proceeds from issuance of common stock, net of issuance costs									107,718,000	291,000	-91,000
non-cash transactions:
deferred revenue														0	1,002,000	60,000	1,333,000	1,910,000	-166,000
net decrease in cash, cash equivalents and restricted cash													-53,560,000				-69,427,000
non-cash lease expense											281,000	72,000	306,000	356,000	97,000	97,000	170,000	69,000
operating lease liabilities											-262,000	-43,000	-300,000	-357,000	-62,000	-149,000	-112,000	-44,000	-134,000
proceeds from the sale of nano, net of cash deconsolidated and transaction costs
cash paid for interest
(repayments of) proceeds from debt												-60,000	-60,000
bluewalker 3 satellite - construction in process													-160,000	-1,802,000	-3,762,000	-4,496,000	-16,907,000	-10,511,000	-17,601,000
issuance of incentive equity units under employee stock plan													96,000
proceeds from warrant exercise
purchases of construction in process in accounts payable and accrued expenses													3,651,000
gain on sale of interest in nanoavionika uab
loss on sale of property and equipment
proceeds from business combination																		0	0
direct costs incurred for the business combination
purchases of property and equipment using proceeds from long-term debt
direct and incremental costs incurred for the business combination																			0
issuance of incentive units under employee stock plan
warrant exercises
effect of exchange rate changes on cash and cash equivalents															-744,000
purchases of construction in process in accounts payable															2,318,000	165,000	1,483,000	999,000	453,000
purchases of property and equipment in accounts payable															685,000	-1,591,000	1,661,000	123,000	789,000
see accompanying notes to the condensed consolidated financial statements
depreciation																	1,046,000	811,000	804,000
amortization of intangible assets																	54,000	53,000	63,000
purchase of intangible asset
repayment for founder bridge loan
proceeds from issuance of series b preferred stock
issuance costs from issuance of series b preferred stock
proceeds from promissory note with common shareholder
right-of-use assets obtained in exchange for operating lease liabilities as of january 1, 2020 upon adoption of asc 842
change in fair value of warrant liabilities																			-39,401,000	43,705,000	-2,028,000
effect of exchange rate changes on cash																			-86,000
net increase in cash and cash equivalents																			-42,222,000
cash and cash equivalents, beginning of period																			0
cash and cash equivalents, end of period																			-42,222,000
net loss
adjustments to reconcile net loss to cash from operating activities:
change in the carrying amount of right-of-use assets
non-cash investing activities:
net income																					597,052	-549,049	-55,049	-51,977	847,252	86,668
adjustments to reconcile net income to net cash from operating activities:
interest earned on securities held in trust account																					-21,197
unrealized loss on securities held in trust account
deferred income provision																					-9,680
income tax payable																							0
interest withdrawn for tax payments																					303,228
proceeds from investors due to pipe financing																					50,000,000
proceeds from promissory note - related party																					600,000
redemption of common shares																					-119,406
net change in cash																					49,921,585	-225,862	-42,247
cash – beginning																					131,151
cash – ending																					50,052,736
supplemental cash flow information:
cash paid for income taxes																					26,989	0	0
change in value of shares subject to redemption																					477,646
4
interest earned on marketable securities held in trust account																						-54,153	-88,058
unrealized gain on marketable securities held in trust account																						1,342	4,918
deferred income tax provision
prepaid expenses																						32,375	40,708
prepaid income tax
income taxes payable
investment of cash in trust account
cash withdrawn from trust account to pay franchise and income taxes
proceeds from sale of units, net of underwriting discounts paid
proceeds from sale of private placement warrants
advances from sponsor
payment of advances from sponsor
proceeds from promissory notes – related party
repayment of promissory notes – related party
payment of offering costs
initial classification of class a common stock subject to redemption
change in value of class a common stock subject to possible redemption
deferred underwriting fee payable
offering costs paid directly by sponsor from proceeds from issuance of class b common stock
less: income attributable to common stock subject to possible redemption																						-1,040,283	38,161	879,752	-928,864
adjusted net income																						-794,057	35,089	-19,477	-81,612	-93,927
weighted-average shares outstanding, basic and diluted																						678	2,867	1,485	7,003,637	5,274,301
basic and diluted net income per common share																						-0.11	0	0	-0.01
deferred tax benefit																							-1,033
prepaid income taxes																							-13,601
cash withdrawn from trust account for franchise and income tax payments																							14,635
proceeds from promissory note – related party
repayment of promissory note – related party
cash – beginning of period																							0
cash – end of period																							-42,247
initial classification of common stock subject to redemption
change in value of common stock subject to possible redemption																							-55,052
deferred offering costs paid directly by sponsor from proceeds from issuance of class b common stock
deferred offering costs included in accrued offering costs
less: income attributable to common stock subject to redemption																										-180,595
basic and diluted net income per share																										-0.02

AST SpaceMobile Inc(NASDAQ:ASTS)

AST SpaceMobile Inc
(NASDAQ:ASTS)