AST SpaceMobile, Inc. ASTS
We are building the first and only global Cellular Broadband network in space to be accessible directly by everyday smartphones (2G/4G-LTE/5G devices) for commercial use, and for other applications for government use utilizing our extensive intellectual property ("IP") and patent portfolio. The SpaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices. The SpaceMobile Service currently is planned to be provided by a constellation of high-powered, large phased-array satellites in LEO using low-band and mid-band spectrum controlled by MNOs.
On March 22, 2025, we and certain of our subsidiaries entered into certain definitive agreements with Ligado Networks LLC ("Ligado LLC") and its subsidiaries for usage rights for mid-band spectrum, which were approved by the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on June 23, 2025. Ligado's Chapter 11 plan was confirmed by the Bankruptcy Court on or about September 29, 2025. Subject to the completion of certain conditions, including regulatory approval, as a result of the transaction with Ligado, we expect our network will be enhanced by our long-term access to up to 45 MHz of the lower mid-band satellite spectrum in the United States and Canada through our usage agreements. In addition, on September 25, 2025, we completed the acquisition of an entity that holds certain S-Band International Telecommunication Union ("ITU") priority rights to Mobile Satellite Services frequencies in the range of 1980-2010 MHz and 2170-2200 MHz, for use in LEO. We expect the acquisition will further enhance our network by up to 60 MHz of mid-band satellite spectrum globally.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $70.9M | $4.4M | $0 | $13.8M | $12.4M | $6.0M | — |
| Cost of revenue | — | — | $0 | $6.7M | $7.6M | $3.0M | — |
| Gross profit | — | — | $0 | $7.1M | $4.8M | $2.9M | — |
| R&D | $28.1M | $28.8M | $47.5M | $45.6M | $23.4M | $1.0M | — |
| SG&A | $101.7M | $61.6M | $41.6M | $48.3M | $35.6M | $12.3M | — |
| Total operating expenses | $358.6M | $247.2M | $222.4M | $159.6M | $91.6M | $27.3M | — |
| Operating income | — | — | — | — | — | -$1.1M | — |
| Interest expense | — | — | $2.7M | $2.6M | — | — | — |
| Pre-tax income | -$457.1M | -$525.0M | -$221.0M | -$102.5M | -$72.9M | -$24.3M | — |
| Income tax | $3.9M | $1.3M | $1.7M | $617.0K | $331.0K | $131.0K | — |
| Net income | -$341.9M | -$300.1M | -$87.6M | -$31.6M | -$30.6M | -$24.4M | — |
| EPS, diluted | — | — | — | — | -0.37 | -6.13 | — |
| Shares, diluted (wtd. avg.) | 256.0M | 154.5M | 81.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.34B | $565.0M | $85.6M | $238.6M | $321.8M | $42.8M | $493.1K |
| Short-term investments | $2.00B | $510.4M | $69.7M | $230.7M | $314.7M | — | — |
| Receivables | $37.7M | $1.4M | — | $0 | $2.2M | $2.1M | — |
| Inventory | $12.0M | $1.1M | — | $0 | $1.4M | $2.6M | — |
| Total current assets | $2.46B | $600.2M | $106.9M | $268.3M | $335.8M | $50.9M | $624.4K |
| Property, plant and equipment | $1.40B | $337.7M | $238.5M | $146.0M | $95.9M | $37.1M | — |
| Goodwill | — | — | — | $0 | $3.6M | $3.9M | $3.6M |
| Other intangibles | — | — | — | — | $242.0K | $526.0K | — |
| Total assets | $5.01B | $954.6M | $360.9M | $438.4M | $443.9M | $99.6M | $231.8M |
| Accounts payable | $46.8M | $17.0M | $20.6M | $13.9M | $6.6M | $5.0M | $240.1K |
| Short-term debt | $12.0M | $2.9M | $252.0K | $242.0K | $0 | — | — |
| Total current liabilities | $150.3M | $75.9M | $46.2M | $27.8M | $21.4M | $13.1M | $265.8K |
| Long-term debt | $2.21B | $155.6M | $59.3M | $4.8M | $5.0M | — | — |
| Total liabilities | $2.62B | $285.4M | $147.3M | $78.5M | $92.0M | $19.7M | $19.5M |
| Retained earnings | -$831.7M | -$489.7M | -$189.7M | -$102.1M | -$70.5M | -$39.9M | -$425.0K |
| Total equity | $2.39B | $669.1M | $213.6M | $359.8M | $352.0M | $80.0M | $29.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$71.5M | -$126.1M | -$148.9M | -$156.5M | -$80.1M | -$22.8M | — |
| Depreciation and amortisation | $51.1M | $63.3M | $54.5M | $4.7M | $2.9M | $670.0K | — |
| Stock-based compensation | $47.5M | $32.0M | $13.3M | $9.4M | $3.7M | $283.0K | — |
| Capital expenditure | $1.06B | $174.1M | $118.8M | $57.3M | $15.1M | $8.1M | — |
| Investing cash flow | -$1.54B | -$174.1M | -$118.8M | -$31.4M | -$54.8M | -$30.4M | — |
| Financing cash flow | $3.83B | $780.0M | $116.7M | $102.3M | $416.9M | $69.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-019384.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $6.0M | $12.4M | $13.8M | $0 | $4.4M | $70.9M |
| Gross profit | — | $2.9M | $4.8M | $7.1M | $0 | — | — |
| Net income | — | -$24.4M | -$30.6M | -$31.6M | -$87.6M | -$300.1M | -$341.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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