AST SpaceMobile (ASTS) Q4 2025 earnings summary

Executive summary

• Achieved $70.9 million in revenue for 2025, marking the first year as a revenue-generating business, driven by mobile network operator partners and U.S. Government contracts, and surpassing guidance.

• Secured over $1.2 billion in contracted revenue commitments, including a $175 million prepayment from stc Group, and expanded commercial and government partnerships covering nearly 3 billion subscribers.

• Successfully launched and unfolded BlueBird 6, the largest commercial communications array in low Earth orbit, with peak data speeds expected to exceed 120 Mbps, and prepared BlueBird 7 for launch.

• Raised over $3.5 billion in capital in 2025, with a pro forma cash position of $3.9 billion as of year-end, fully funding the planned constellation and maintaining robust liquidity.

• Entered 2026 with strong momentum, aiming to scale satellite deployment and commercial service activation in key global markets, targeting 45–60 satellites in orbit by end of 2026.

Financial highlights

• 2025 revenue reached $70.9 million, at the top end of guidance, primarily from gateway deliveries and government contracts.

• Q4 2025 revenue was $54.3 million, mainly from gateway hardware sales and U.S. government milestones.

• Adjusted operating expenses for Q4 2025 were $66.8 million, with significant stock-based compensation and depreciation adjustments.

• Capital expenditures for 2025 totaled $407 million, above guidance, due to accelerated satellite material purchases and launch contract payments.

• Gross property and equipment as of December 31, 2025, totaled $1.6 billion.

Outlook and guidance

• 2026 revenue guidance is $150 million–$200 million, with expectations to at least double 2025 revenue, supported by backlog and contract milestones.

• Plan to deploy 45–60 satellites into orbit by end of 2026, with launches every 1–2 months.

• Commercial service activation expected in the second half of 2026, with further revenue growth anticipated in 2027 and beyond.

• Assembly of 40 satellites equivalent of microns targeted for completion by first half of 2026.

• 2027 revenue opportunity seen approaching $1 billion, with a mix of contracted and recurring revenue.