AST SpaceMobile, Inc. (ASTS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ASTS SEC filings page.
AST SpaceMobile, Inc. (ASTS) reported $115.3M in revenue over the twelve months to Jun 30, 2026, up 706.3% from the prior twelve months. This page shows its 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).
AST SpaceMobile is moving from low-revenue development toward a heavily financed buildout, with capital spending still overwhelming operating cash generation.
Cash conversion is changing shape: operating cash flow improved from an outflow of$126M to$71.5M , yet the free-cash-flow shortfall reached$1.14B as capital spending reached$1.06B . The gap says current cash pressure is being driven more by asset investment than by day-to-day operations.
The balance sheet shifted from lightly levered to materially debt-funded: debt-to-equity rose from 0.3x in FY2023 to 0.9x in FY2025, while liabilities reached
Reported revenue expanded to
Financial Health Signals
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.
AST SpaceMobile, Inc. held $4.3B in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $71.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and AST SpaceMobile, Inc. scores 100/100 among other emerging companies.
Not available for AST SpaceMobile, Inc., and counted as zero in the overall score.
AST SpaceMobile, Inc. spent $28.1M on research and development in fiscal year 2025, which was 21.7% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and AST SpaceMobile, Inc. scores 53/100 among other emerging companies.
AST SpaceMobile, Inc. reported revenue of $70.9M in fiscal year 2025, against $13.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and AST SpaceMobile, Inc. scores 95/100 among other emerging companies.
AST SpaceMobile, Inc.'s operations used $71.5M of cash in fiscal year 2025, against $126.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and AST SpaceMobile, Inc. scores 72/100 among other emerging companies.
AST SpaceMobile, Inc.'s cash, cash equivalents and investments came to $4.3B at the end of fiscal year 2025, against $2.6B of total liabilities. Balance Sheet ranks emerging companies on that comparison, and AST SpaceMobile, Inc. scores 71/100 among other emerging companies.
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.
AST SpaceMobile, Inc. reported a net loss of $341.9M while operations used $71.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
AST SpaceMobile, Inc. generated $31.5M in revenue in Q2 2026. This represents an increase of 2626.6% from the same quarter a year earlier. Against the prior quarter it is up 113.9%.
AST SpaceMobile, Inc. reported -$230.9M in net income in Q2 2026. This represents a decrease of 132.3% from the same quarter a year earlier. Against the prior quarter it is down 20.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
AST SpaceMobile, Inc. recorded an outflow of $694.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 96.5% from the same quarter a year earlier. Against the prior quarter it is down 124.4%.
AST SpaceMobile, Inc. held $2.3B in cash against $3.0B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
AST SpaceMobile, Inc.'s ROE was -9.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
AST SpaceMobile, Inc. invested $7.8M in research and development in Q2 2026. This represents an increase of 21.5% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.
AST SpaceMobile, Inc. invested $597.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 92.7% from the same quarter a year earlier. Against the prior quarter it is up 128.4%.
Not reported for Q2 2026.
ASTS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.5M+2626.6% | $14.7M+1952.2% | $54.3M+379.5% | $14.7M+1239.9% | $1.2M+28.4% | $718K+43.6% | $11.3M | $1.1M |
| R&D Expenses | $7.8M+21.5% | $7.1M-0.1% | $9.1M+69.5% | $5.5M-62.4% | $6.4M+43.3% | $7.1M+67.6% | $5.3M | $14.7M+56.3% |
| SG&A Expenses | $63.9M+134.6% | $43.7M+137.5% | $26.2M+65.1% | $29.8M+91.8% | $27.2M+52.7% | $18.4M+49.6% | $15.9M | $15.6M+41.4% |
| Interest Expense | $23.6M+314.0% | $21.7M+361.7% | $15.7M+292.5% | $5.7M+5.6% | $5.7M+16.3% | $4.7M+6.8% | $4.0M | $5.4M+285.7% |
| Income Tax | $1.1M+50.0% | $1.2M+595.8% | $2.6M+1565.0% | $374K-42.1% | $742K+221.2% | $168K-42.9% | $157K | $646K+142.9% |
| Net Income | -$230.9M-132.3% | -$191.0M-317.9% | -$74.0M-106.3% | -$122.9M+28.5% | -$99.4M-37.0% | -$45.7M-131.7% | -$35.9M | -$171.9M-722.4% |
| Diluted Shares (Avg) | 299M+23.6% | 291M+29.8% | N/A | 273M+75.3% | 242M+71.4% | 224M | N/A | 156M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Operating Income, EBITDA, EPS (Basic), EPS (Diluted).
ASTS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+211.2% | $6.1B+341.8% | $5.0B+425.3% | $2.6B+210.5% | $1.9B+224.6% | $1.4B+173.0% | $954.6M+164.5% | $821.6M+104.3% |
| Current Assets | $2.5B+156.2% | $3.2B+252.4% | $2.5B+309.6% | $1.3B+134.0% | $973.2M+208.8% | $894.6M+273.5% | $600.2M+461.6% | $545.6M+234.6% |
| Cash & Equivalents | $2.3B+147.7% | $3.0B+246.7% | $2.3B+313.4% | $1.2B+133.2% | $923.6M+224.0% | $873.8M+316.1% | $565.0M+559.9% | $516.4M+287.4% |
| Short-Term Investments | $2.3B+190.3% | $2.8B+228.0% | $2.0B+291.8% | $1.2B+174.1% | $792.4M+205.5% | $853.6M+329.2% | $510.4M+632.3% | $430.3M+263.4% |
| Inventory | $28.4M | $16.8M | $12.0M+1030.6% | $10.9M | N/A | N/A | $1.1M | N/A |
| Accounts Receivable | $79.3M | $27.5M | $37.7M+2594.7% | $11.5M | N/A | N/A | $1.4M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.5B+377.8% | $3.4B+462.3% | $2.6B+818.7% | $924.9M+190.1% | $723.6M+114.2% | $603.0M+179.3% | $285.4M+93.7% | $318.8M+177.5% |
| Current Liabilities | $191.0M+61.5% | $170.7M+102.7% | $150.3M+98.0% | $133.6M+42.0% | $118.3M+139.6% | $84.2M+164.2% | $75.9M+64.3% | $94.1M+249.7% |
| Non-Current Liabilities | $3.3B+439.6% | $3.2B+520.6% | $2.5B+1080.0% | $791.3M+252.1% | $605.3M+109.9% | $518.8M+181.9% | $209.5M+107.2% | $224.8M+155.4% |
| Long-Term Debt | $3.0B+514.1% | $3.0B+541.1% | $2.2B+1319.0% | $697.6M+346.5% | $482.5M+141.8% | $462.2M+187.4% | $155.6M+162.6% | $156.3M+166.9% |
| Total Equity | $2.4B+107.1% | $2.7B+247.1% | $2.4B+257.5% | $1.6B+223.4% | $1.2B+378.7% | $766.7M+168.2% | $669.1M+213.3% | $502.8M+75.1% |
| Retained Earnings | -$1.3B-97.5% | -$1.0B-91.0% | -$831.7M-69.8% | -$757.7M-66.9% | -$634.8M-125.2% | -$535.5M-155.7% | -$489.7M-158.2% | -$453.9M-187.8% |
Not reported in any period shown, so not listed: Goodwill.
ASTS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$97.2M-123.5% | -$48.1M-68.4% | $65.0M+328.4% | -$64.5M-92.8% | -$43.5M-169.2% | -$28.5M+40.7% | -$28.4M-14.2% | -$33.4M+7.3% |
| Depreciation & Amortization | $20.7M+76.3% | $17.6M+60.8% | $15.7M+85.8% | $12.7M-12.6% | $11.7M-42.5% | $11.0M-45.1% | $8.5M-56.8% | $14.5M-23.6% |
| Stock-Based Compensation | $63.5M+503.0% | $55.4M+607.3% | N/A | $14.0M+105.4% | $10.5M+18.6% | $7.8M+58.6% | N/A | $6.8M+163.0% |
| Capital Expenditures | $597.6M+92.7% | $261.6M+117.2% | $395.7M+382.4% | $238.4M+686.2% | $310.2M+1297.0% | $120.5M+204.4% | $82.0M+267.1% | $30.3M-58.7% |
| Free Cash Flow | -$694.8M-96.5% | -$309.7M-107.8% | -$330.7M-199.4% | -$302.9M-375.1% | -$353.6M-822.1% | -$149.0M-69.9% | -$110.5M-133.8% | -$63.8M+41.8% |
| Investing Cash Flow | -$600.5M-93.6% | -$379.3M-214.9% | -$844.1M-929.0% | -$266.4M-778.4% | -$310.2M-1297.0% | -$120.5M-204.4% | -$82.0M-267.1% | -$30.3M+58.7% |
| Financing Cash Flow | -$37.0M-108.8% | $1.1B+142.5% | $2.3B+1367.0% | $611.4M+107.5% | $419.8M+269.6% | $455.9M+114.8% | $159.5M+25185.1% | $294.7M+448.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ASTS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -732.6% | -1296.3% | -136.2% | -833.7% | -8598.1% | -6365.7% | -316.6% | -15631.5% |
| Return on Equity | -9.6%-1.0pp | -7.2%-1.2pp | -3.1%+2.3pp | -7.6%+26.6pp | -8.6%+21.4pp | -6.0%+0.9pp | -5.4% | -34.2%-26.9pp |
| Return on Assets | -3.9%+1.3pp | -3.2%+0.2pp | -1.5%+2.3pp | -4.8%+16.1pp | -5.3%+7.2pp | -3.3%+0.6pp | -3.8% | -20.9%-15.7pp |
| Current Ratio | 13.05+4.8x | 18.47+7.8x | 16.35+8.4x | 9.56+3.8x | 8.23+1.8x | 10.62+3.1x | 7.90+5.6x | 5.80-0.3x |
| Debt-to-Equity | 1.24+0.8x | 1.11+0.5x | 0.92+0.7x | 0.43+0.1x | 0.42-0.4x | 0.600.0x | 0.230.0x | 0.31+0.1x |
| Asset Turnover | 0.010.0x | 0.000.0x | 0.010.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.01 | 0.000.0x |
| FCF Margin | -2204.2% | -2101.5% | -609.0% | -2055.0% | -30592.0% | -20752.4% | -975.5% | -5795.8% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| AST SpaceMobile, Inc. ASTS | FY2025 | $70.9M | -$341.9M | N/A | $15.4B | 65/100 |
| Lumentum Holdings Inc. LITE | FY2026 | $3.0B | -$6.9B | N/A | $99.9B | 58/100 |
| Zebra Technologies Corporation ZBRA | FY2025 | $5.4B | $419.0M | 7.8% | $18.3B | 53/100 |
| Ciena Corporation CIEN | FY2025 | $4.8B | $123.3M | 2.6% | $63.8B | 55/100 |
Where AST SpaceMobile, Inc. Ranks
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 413.0% 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.
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 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) recorded an outflow of $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) recorded an outflow of $71.5M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
AST SpaceMobile, Inc. (ASTS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $15.4B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is AST SpaceMobile, Inc.'s price-to-sales ratio?
AST SpaceMobile, Inc. (ASTS) trades at 134x sales, its market capitalization divided by revenue of $115.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $15.4B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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) reported a net loss of $341.9M while operations used $71.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.