Ast Spacemobile Inc Financials

ASTS

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Ast Spacemobile Inc (ASTS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ASTS FY2025 2026-05-11

AST SpaceMobile's dominant mechanic is an externally financed asset buildout that is scaling far faster than reported revenue.

Between FY2024 and FY2025, operating cash burn improved from -$126M to -$72M, which means the income statement alone overstates how much cash routine operations consumed. But capital spending climbed to $1.06B and was covered by financing inflows of $3.83B, so the business behaved more like a construction phase funded from outside than a self-funding operating model.

Short-term liquidity looks unusually strong: cash of $2.34B sits against current liabilities of just $150M, so near-term bills are not what defines the financial profile. The bigger change is leverage, with debt-to-equity rising to 0.9x as the balance sheet shifted away from the lightly indebted posture seen a year earlier.

Revenue reached $70.9M in FY2025 while total assets reached $5.0B, a scale gap that says the company is building its asset base far ahead of its current sales base. That makes asset productivity and dependence on external capital more revealing lenses than conventional margin commentary, because sales are still small relative to the balance sheet right now.

Financial Health Signals

Financial Health Score 65/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ast Spacemobile Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Piotroski F-Score Partial

3/7

Ast Spacemobile Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.21x

For every $1 of reported earnings, Ast Spacemobile Inc generates $0.21 in operating cash flow (-$71.5M OCF vs -$341.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$70.9M

YoY+413.0%

5Y CAGR+64.1%

Ast Spacemobile Inc generated $70.9M in revenue in fiscal year 2025. This represents an increase of 413.0% from the prior year.

EBITDA

N/A

Net Income

-$341.9M

YoY-13.9%

Ast Spacemobile Inc reported -$341.9M in net income in fiscal year 2025. This represents a decrease of 13.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$1.1B

YoY-278.4%

Ast Spacemobile Inc generated -$1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 278.4% from the prior year.

Cash & Debt

$2.3B

YoY+313.4%

5Y CAGR+122.6%

Ast Spacemobile Inc held $2.3B in cash against $2.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-482.2%

YoY+1688.4pp

5Y CAGR+388.6pp

Ast Spacemobile Inc's net profit margin was -482.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1688.4 percentage points from the prior year.

Return on Equity

-14.3%

YoY+30.6pp

5Y CAGR+1024.9pp

Ast Spacemobile Inc's ROE was -14.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 30.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$28.1M

YoY-2.3%

5Y CAGR+94.5%

Ast Spacemobile Inc invested $28.1M in research and development in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.1B

YoY+511.5%

5Y CAGR+165.2%

Ast Spacemobile Inc invested $1.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 511.5% from the prior year.

ASTS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$70.9M+413.0%	$13.8M	$0-100.0%	$13.8M+11.4%	$12.4M+107.9%	$6.0M
Cost of Revenue	N/A	N/A	$0-100.0%	$6.7M-11.2%	$7.6M+150.0%	$3.0M
Gross Profit	N/A	N/A	$0-100.0%	$7.1M+46.9%	$4.8M+64.6%	$2.9M
R&D Expenses	$28.1M-2.3%	$28.8M-39.4%	$47.5M+4.1%	$45.6M+94.6%	$23.4M+2218.5%	$1.0M
SG&A Expenses	$101.7M+65.2%	$61.6M+48.0%	$41.6M-13.9%	$48.3M+35.6%	$35.6M+189.3%	$12.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	-$1.1M
Interest Expense	$31.8M+70.1%	$18.7M+315.6%	$4.5M+2150.0%	$200K	N/A	N/A
Income Tax	$3.9M+193.5%	$1.3M-21.0%	$1.7M+172.4%	$617K+86.4%	$331K+152.7%	$131K
Net Income	-$341.9M-13.9%	-$300.1M-242.7%	-$87.6M-176.7%	-$31.6M-3.6%	-$30.6M+41.2%	-$52.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$14.7M-72.9%	$54.3M+268.4%	$14.7M+1175.0%	$1.2M+61.0%	$718K-93.7%	$11.3M+929.5%	$1.1M+22.2%	$900K
Cost of Revenue	$4.9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$3.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$7.1M-21.3%	$9.1M+63.8%	$5.5M-13.5%	$6.4M-10.4%	$7.1M+33.6%	$5.3M-63.7%	$14.7M+230.1%	$4.5M
SG&A Expenses	$43.7M+66.4%	$26.2M-12.0%	$29.8M+9.5%	$27.2M+48.2%	$18.4M+15.7%	$15.9M+2.2%	$15.6M-12.8%	$17.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$21.7M+38.2%	$15.7M+175.4%	$5.7M0.0%	$5.7M+21.3%	$4.7M+17.5%	$4.0M-25.9%	$5.4M+10.2%	$4.9M
Income Tax	$1.2M-55.3%	$2.6M+598.9%	$374K-49.6%	$742K+341.7%	$168K+7.0%	$157K-75.7%	$646K+179.7%	$231K
Net Income	-$191.0M-158.2%	-$74.0M+39.8%	-$122.9M-23.6%	-$99.4M-117.5%	-$45.7M-27.5%	-$35.9M+79.1%	-$171.9M-137.0%	-$72.5M
EPS (Diluted)	$-0.66	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASTS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.0B+425.3%	$954.6M+164.5%	$360.9M-17.7%	$438.4M-1.3%	$443.9M+345.5%	$99.6M
Current Assets	$2.5B+309.6%	$600.2M+461.6%	$106.9M-60.2%	$268.3M-20.1%	$335.8M+559.3%	$50.9M
Cash & Equivalents	$2.3B+313.4%	$565.0M+559.9%	$85.6M-64.1%	$238.6M-25.9%	$321.8M+652.2%	$42.8M
Inventory	$12.0M+1030.6%	$1.1M	N/A	$0-100.0%	$1.4M-45.5%	$2.6M
Accounts Receivable	$37.7M+2594.7%	$1.4M	N/A	$0-100.0%	$2.2M+4.4%	$2.1M
Goodwill	N/A	N/A	N/A	$0-100.0%	$3.6M-6.9%	$3.9M
Total Liabilities	$2.6B+818.7%	$285.4M+93.7%	$147.3M+87.6%	$78.5M-14.6%	$92.0M-2.8%	$94.6M
Current Liabilities	$150.3M+98.0%	$75.9M+64.3%	$46.2M+66.3%	$27.8M+30.0%	$21.4M+63.0%	$13.1M
Long-Term Debt	$2.2B+1319.0%	$155.6M+162.6%	$59.3M+1145.3%	$4.8M-4.8%	$5.0M	N/A
Total Equity	$2.4B+257.5%	$669.1M+213.3%	$213.6M-40.6%	$359.8M+2.2%	$352.0M+6939.4%	$5.0M
Retained Earnings	-$831.7M-69.8%	-$489.7M-158.2%	-$189.7M-85.8%	-$102.1M-44.9%	-$70.5M-76.6%	-$39.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$6.1B+20.7%	$5.0B+96.6%	$2.6B+35.6%	$1.9B+37.4%	$1.4B+43.5%	$954.6M+16.2%	$821.6M+41.8%	$579.6M
Current Assets	$3.2B+28.2%	$2.5B+92.5%	$1.3B+31.2%	$973.2M+8.8%	$894.6M+49.0%	$600.2M+10.0%	$545.6M+73.1%	$315.2M
Cash & Equivalents	$3.0B+29.7%	$2.3B+93.9%	$1.2B+30.4%	$923.6M+5.7%	$873.8M+54.7%	$565.0M+9.4%	$516.4M+81.1%	$285.1M
Inventory	$16.8M+39.6%	$12.0M+10.3%	$10.9M	N/A	N/A	$1.1M	N/A	N/A
Accounts Receivable	$27.5M-27.2%	$37.7M+228.3%	$11.5M	N/A	N/A	$1.4M	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.4B+29.3%	$2.6B+183.5%	$924.9M+27.8%	$723.6M+20.0%	$603.0M+111.3%	$285.4M-10.5%	$318.8M-5.6%	$337.8M
Current Liabilities	$170.7M+13.5%	$150.3M+12.6%	$133.6M+12.9%	$118.3M+40.5%	$84.2M+10.9%	$75.9M-19.3%	$94.1M+90.5%	$49.4M
Long-Term Debt	$3.0B+34.2%	$2.2B+216.4%	$697.6M+44.6%	$482.5M+4.4%	$462.2M+197.1%	$155.6M-0.4%	$156.3M-21.7%	$199.5M
Total Equity	$2.7B+11.2%	$2.4B+47.1%	$1.6B+40.4%	$1.2B+51.0%	$766.7M+14.6%	$669.1M+33.1%	$502.8M+107.9%	$241.9M
Retained Earnings	-$1.0B-23.0%	-$831.7M-9.8%	-$757.7M-19.4%	-$634.8M-18.6%	-$535.5M-9.3%	-$489.7M-7.9%	-$453.9M-61.0%	-$281.9M

ASTS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$71.5M+43.3%	-$126.1M+15.3%	-$148.9M+4.8%	-$156.5M-95.3%	-$80.1M-251.2%	-$22.8M
Capital Expenditures	$1.1B+511.5%	$174.1M+46.6%	$118.8M+107.4%	$57.3M+279.9%	$15.1M+85.6%	$8.1M
Free Cash Flow	-$1.1B-278.4%	-$300.3M-12.1%	-$267.7M-25.3%	-$213.7M-124.6%	-$95.2M-207.7%	-$30.9M
Investing Cash Flow	-$1.5B-785.1%	-$174.1M-46.6%	-$118.8M-278.9%	-$31.4M+42.8%	-$54.8M-80.2%	-$30.4M
Financing Cash Flow	$3.8B+390.7%	$780.0M+568.2%	$116.7M+14.1%	$102.3M-75.5%	$416.9M+498.5%	$69.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$48.1M-174.0%	$65.0M+200.8%	-$64.5M-48.3%	-$43.5M-52.3%	-$28.5M-0.4%	-$28.4M+14.9%	-$33.4M-107.0%	-$16.2M
Capital Expenditures	$261.6M-33.9%	$395.7M+66.0%	$238.4M-23.1%	$310.2M+157.5%	$120.5M+46.8%	$82.0M+170.5%	$30.3M+36.6%	$22.2M
Free Cash Flow	-$309.7M+6.4%	-$330.7M-9.2%	-$302.9M+14.4%	-$353.6M-137.3%	-$149.0M-34.9%	-$110.5M-73.3%	-$63.8M-66.2%	-$38.4M
Investing Cash Flow	-$379.3M+55.1%	-$844.1M-216.9%	-$266.4M+14.1%	-$310.2M-157.5%	-$120.5M-46.8%	-$82.0M-170.5%	-$30.3M-36.6%	-$22.2M
Financing Cash Flow	$1.1B-52.8%	$2.3B+282.8%	$611.4M+45.7%	$419.8M-7.9%	$455.9M+185.7%	$159.5M-45.9%	$294.7M+159.5%	$113.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ASTS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	51.4%+12.4pp	39.0%-10.3pp	49.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	-18.9%
Net Margin	-482.2%+1688.4pp	-2170.6%	N/A	-228.9%+17.4pp	-246.3%+624.5pp	-870.8%
Return on Equity	-14.3%+30.6pp	-44.9%-3.9pp	-41.0%-32.2pp	-8.8%-0.1pp	-8.7%+1030.5pp	-1039.2%
Return on Assets	-6.8%+24.6pp	-31.4%-7.2pp	-24.3%-17.0pp	-7.2%-0.3pp	-6.9%+45.3pp	-52.1%
Current Ratio	16.35+8.4	7.90+5.6	2.31-7.3	9.65-6.1	15.71+11.8	3.88
Debt-to-Equity	0.92+0.7	0.23-0.0	0.28+0.3	0.010.0	0.01-18.9	18.93
FCF Margin	-1602.2%+569.7pp	-2171.9%	N/A	-1546.1%-778.9pp	-767.2%-248.9pp	-518.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	38.4%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-1296.3%-1160.1pp	-136.2%+697.5pp	-833.7%+7764.4pp	-8598.1%-2232.4pp	-6365.7%-6049.1pp	-316.6%+15314.8pp	-15631.5%-7570.3pp	-8061.1%
Return on Equity	-7.2%-4.1pp	-3.1%+4.5pp	-7.6%+1.0pp	-8.6%-2.6pp	-6.0%-0.6pp	-5.4%+28.8pp	-34.2%-4.2pp	-30.0%
Return on Assets	-3.2%-1.7pp	-1.5%+3.3pp	-4.8%+0.5pp	-5.3%-1.9pp	-3.3%+0.4pp	-3.8%+17.2pp	-20.9%-8.4pp	-12.5%
Current Ratio	18.47+2.1	16.35+6.8	9.56+1.3	8.23-2.4	10.62+2.7	7.90+2.1	5.80-0.6	6.38
Debt-to-Equity	1.11+0.2	0.92+0.5	0.43+0.0	0.42-0.2	0.60+0.4	0.23-0.1	0.31-0.5	0.82
FCF Margin	-2101.5%-1492.5pp	-609.0%+1446.0pp	-2055.0%+28537.0pp	-30592.0%-9839.7pp	-20752.4%-19776.9pp	-975.5%+4820.3pp	-5795.8%-1534.3pp	-4261.6%

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Frequently Asked Questions

What is Ast Spacemobile Inc's annual revenue?

Ast Spacemobile Inc (ASTS) reported $70.9M in total revenue for fiscal year 2025. This represents a 413.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ast Spacemobile Inc's revenue growing?

Ast Spacemobile Inc (ASTS) revenue grew by 413% year-over-year, from $13.8M to $70.9M in fiscal year 2025.

Is Ast Spacemobile Inc profitable?

No, Ast Spacemobile Inc (ASTS) reported a net income of -$341.9M in fiscal year 2025, with a net profit margin of -482.2%.

How much debt does Ast Spacemobile Inc have?

As of fiscal year 2025, Ast Spacemobile Inc (ASTS) had $2.3B in cash and equivalents against $2.2B in long-term debt.

What is Ast Spacemobile Inc's net profit margin?

Ast Spacemobile Inc (ASTS) had a net profit margin of -482.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ast Spacemobile Inc's return on equity (ROE)?

Ast Spacemobile Inc (ASTS) has a return on equity of -14.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ast Spacemobile Inc's free cash flow?

Ast Spacemobile Inc (ASTS) generated -$1.1B in free cash flow during fiscal year 2025. This represents a -278.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ast Spacemobile Inc's operating cash flow?

Ast Spacemobile Inc (ASTS) generated -$71.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ast Spacemobile Inc's total assets?

Ast Spacemobile Inc (ASTS) had $5.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ast Spacemobile Inc's capital expenditures?

Ast Spacemobile Inc (ASTS) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ast Spacemobile Inc spend on research and development?

Ast Spacemobile Inc (ASTS) invested $28.1M in research and development during fiscal year 2025.

What is Ast Spacemobile Inc's current ratio?

Ast Spacemobile Inc (ASTS) had a current ratio of 16.35 as of fiscal year 2025, which is generally considered healthy.

What is Ast Spacemobile Inc's debt-to-equity ratio?

Ast Spacemobile Inc (ASTS) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ast Spacemobile Inc's return on assets (ROA)?

Ast Spacemobile Inc (ASTS) had a return on assets of -6.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ast Spacemobile Inc's cash runway?

Based on fiscal year 2025 data, Ast Spacemobile Inc (ASTS) had $2.3B in cash against an annual operating cash burn of $71.5M. This gives an estimated cash runway of approximately 392 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ast Spacemobile Inc's Piotroski F-Score?

Ast Spacemobile Inc (ASTS) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ast Spacemobile Inc's earnings high quality?

Ast Spacemobile Inc (ASTS) has an earnings quality ratio of 0.21x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ast Spacemobile Inc?

Ast Spacemobile Inc (ASTS) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.