Overview
Since the Report − 37.4%
Revenue grew 2,627.0% year over year, EPS missed the estimate by 168.0%; the stock fell 1.8% in its first reaction.
- BlueBirds In Orbit
- 13 Satellites
- ▲ 6 Added in the Quarter
- Launched In The Quarter
- 6 Satellites
- In 50 Days · BB8–BB13
Verdict
HOLDAST SpaceMobile launched six BlueBird satellites in 50 days during the second quarter, lifting its in-orbit fleet to 13. Revenue came in below expectations at $31.5 million, and the BB7 satellite lost in April put a $125.9 million charge through the income statement. The stock slipped 1.8% after hours; the real question is whether the reaffirmed full-year revenue target of $150-200 million can fit into the second half.
Close on Report DayAug 10
$68.76▼ 1.8%Report-Day Move
- Market Cap(Today)
- ≈ $16.8 B
- 1Y Return(At Report)
- + 32%
- Net Margin(Trailing 12M)
- − 536.7%
Earnings Summary
In 30 Seconds- Revenue rose 2,627% year over year to $31.5M but missed the $35M estimate; loss per share was $0.77.
- The in-orbit BlueBird fleet reached 13; the BB7 satellite lost in April cost a $125.9M charge.
- Shares slipped 1.8% after hours; the $150-200M full-year revenue target leaves a heavy second half.
The Numbers
Commercial Revenue
$31.5M
▲ 2,627% Year Over Year
Cash And Equivalents
$2.29B
Pro Forma $3.7B After July
BB7 Loss Charge
$125.9M
Launch Anomaly · Insured
Contracted Revenue
$1.30B
60+ Operators · 3B Subscribers
Quarterly Revenue ($ Million)
1.16
Q2 25 · $1.16 M
14.74
Q3 25 · $14.7 M · QoQ + 1,175.1%
54.31
Q4 25 · $54.3 M · QoQ + 268.5%
14.74
Q1 26 · $14.7 M · QoQ − 72.9%
31.52
Q2 26 · $31.5 M · QoQ + 113.8% · YoY + 2,626.6%
- Q2 25
- Q3 25
- Q4 25
- Q1 26
- Q2 26
Q3 2026 Company Guidance
- Full Year Revenue150 – 200 million150 million200 million
Midpoint 175 · $46.3M Collected in the First HalfReaffirmed ✓
- Q3 Capital Expenditure350 – 425 million350 million425 million
$610.4M Was Spent in the Second QuarterPace Easing ▼
- Q3 Operating Expenses105 – 115 million105 million115 million
Second Quarter Actual $119.1M · Excluding Cost of RevenueSlight Step Down 7.6% ▼
- Cost Per Satellite21 – 23 million21 million23 million
Unit Cost at Serial Production StageEconomies Of Scale ▲
- Satellite Target By Early 202745 units
13 in Orbit · 10 Launches BookedMonthly Cadence Required
How to Read the Chart
The blue band is the company's low-high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. When the company gave a single number rather than a range and no market expectation is known, that row gets no band at all: there is no length to measure and no position to compare. Axis is ±16% around the midpoint.
Segment and KPI Data
Revenue by Segment
- Product Revenue$24.4 MShare 77.5%
Mostly gateway deliveries to operators
- Service Revenue$7.09 MShare 22.5%
Mostly US government contracts
Key Metrics
Satellites in Orbit
13 satellites
8-K
Contracted Revenue Backlog
$1.30 B
8-K
Cash and Cash Equivalents
$2.29 B
8-K
Adjusted Operating Expenses
$119 M
8-K
Satellite Loss Charge (BB7)
$126 M
8-K
Shares are computed over the segment total: $31.5 M. Source: 8-K.
Metrics come only from the company's own filings; each one names the document it was taken from.
“We're building the direct-to-device network of the future today in partnership with, not in competition with, mobile network operators.”
- Monthly Launch Cadence
- 100 MHz US Spectrum
- 60+ Operator Partnerships
Summary and Review
Summary
AST SpaceMobile reported $31.5 million of second-quarter revenue, a 2,627% increase from $1.16 million a year earlier but below the roughly $35 million expected. Hardware sales to operators brought $24.4 million; government contracts most of the other $7.1 million. Loss per share was $0.77 against the $0.29 expected. Most of the gap is the $125.9 million BB7 charge. Operating expenses were $329.1 million, or $119.1 million adjusted. The real news was in orbit: six BlueBird satellites in 50 days.
The stock fell 1.8% after hours to $67.55 after a 4.4% regular-session drop. The reaction stayed measured; profit and single-quarter revenue are not the yardstick. The market watches how fast the commercial-service satellite count is reached. Two items grated. The $150-200 million full-year target was kept with only $46.3 million booked in the first half, leaving a heavy back half. The BB7 loss showed dependence on outside launch providers. Cash is comfortable at over $3.7 billion pro forma.
The quarter looks good but not smooth. BlueBirds in orbit rose to 13, production neared six a month, and 10 launches are booked. Reaching 45 satellites by early 2027 looks reasonable at this pace. But the BB7 loss, the revenue miss and $610.4 million of capex show execution risk. We score the quarter 68 out of 100, a hold. The revenue target and launch schedule are the two concrete reservations; the real test is whether beta service starts before year-end.
Full Review
The quarter's report card is in orbit, not in profit.
AST SpaceMobile is not a company anyone expects to be profitable yet; this quarter's job was building the network. Judged on that basis, the second quarter was the busiest period in the company's history. Six satellites, BB8 through BB13, were launched within 50 days, taking the in-orbit BlueBird count to 13. The antenna surface these satellites unfold now totals roughly 20,000 square feet, and that surface is what directly determines network capacity. On production, the company said it is approaching six satellites a month, with BB17 through BB46 in various stages of manufacturing. For the launch schedule, 10 launches are booked with two separate providers, targeting a cadence of one every month or two. A year ago this company was discussed with five satellites in orbit and almost no revenue; that gap is the quarter's real result.
The BB7 loss left a $125.9 million mark.
The most expensive event of the quarter was not an accounting item but a launch accident. In April, Blue Origin's New Glenn rocket placed the BB7 satellite in a lower-than-planned orbit, and the decision was made to de-orbit it. The balance-sheet consequence was a $125.9 million charge, the main reason loss per share widened to $0.77. The loss was insured; $21.6 million of insurance proceeds were collected during the quarter and the remainder is expected. Even so, the real cost is time rather than money. BB7 was one of the largest and newest-design satellites in the network, and replacing it means a delay in the launch queue. The company kept its target of reaching 45 satellites by early 2027, so the schedule was not formally changed. What the episode showed clearly is that even a company with in-house satellite production remains dependent on outsiders for launch.
The revenue target leans heavily on the second half.
The company reaffirmed its full-year revenue target of $150-200 million, yet revenue collected in the first six months was $46.3 million. That means roughly $104 million must be booked in the second half just to reach the bottom of the range, and $154 million to reach the top. Such a jump is not impossible: most revenue comes from hardware sales to operators and from government contracts, and both are recognized in batches. Indeed, the fourth quarter of 2025 alone booked $54.3 million, so the company has produced a quarter like that before. The flip side is that this lumpy revenue profile means a single contract slipping can quickly put the annual target at risk. Total contracted revenue reaching $1.30 billion softens that risk, because the issue is timing rather than demand. This will be the first number investors look at when third-quarter results land in November.
Cash is strong, but the burn is fast too.
Cash and cash equivalents stood at $2.29 billion as of June 30. After the convertible note offering completed in July, pro forma cash rises above $3.7 billion. That means no need for the capital markets for at least a year and a half while the network is built. For a story stock, that is the most critical assurance. The spending pace, however, is equally fast: capital expenditure was $610.4 million in the second quarter alone, more than double the $256.8 million of the prior quarter. Adjusted operating expenses also rose from $91.2 million to $119.1 million. For the third quarter the company guides to $350-425 million of capex and $105-115 million of adjusted operating expenses, so the pace is easing somewhat. Holding cost per satellite in the $21-23 million range shows the scale advantage of serial production is being captured. See our cash flow guide on reading cash burn.
The differentiator is the network, not the launch.
Against the SpaceX and Rocket Lab analyses on this site, AST SpaceMobile's differentiator is not the rocket. Rocket Lab carries payloads to orbit; AST SpaceMobile buys launch and builds its own network. The product is a link from a satellite straight to an ordinary cellphone, so the customer is mobile operators and their subscribers. The model rests on three legs: spectrum rights, operator partnerships and in-orbit capacity. The company targets roughly 100 MHz of spectrum access in the United States and more than 60 MHz globally, part of it contributed by operator partners. Agreements with more than 60 mobile operators cover over 3 billion subscribers; 50 gateways are being installed across 20 markets. Once built, these three legs will be hardest for competitors to copy. Two lines to watch next quarter: revenue against the $150-200 million full-year target, and satellites in orbit. Other earnings reports: analysis archive.
Looking Ahead
Strengths and Risks
6 Strengths · 6 RisksStrengths
6- The in-orbit BlueBird count rose to 13, with six satellites launched within 50 days in this quarter alone.
- Pro forma cash exceeds $3.7 billion, removing funding pressure for a long stretch of the network buildout.
- Contracted revenue reached $1.30 billion, making the demand side visible.
- Agreements with more than 60 mobile operators cover over 3 billion subscribers.
- Production approached six satellites a month and cost per satellite fell to $21-23 million.
- U.S. government awards worth more than $125 million in aggregate value have been won.
Risks
6- Losing BB7 to a launch anomaly showed how dependent the schedule is on outside launch providers.
- The full-year target of $150-200 million requires a very heavy second half after just $46.3 million in the first.
- Because quarterly revenue arrives in batches, a single contract slipping can visibly distort the result.
- Capital expenditure reached $610.4 million in the quarterCash is strong but the burn is fast.
- Meaningful subscriber revenue does not begin until the 45 satellites needed for commercial service are in orbit.
- Part of the spectrum access depends on regulatory approvals and on contributions from operator partners.
What to Watch
5- Third-quarter results are due in early November 2026, the first real check on whether the full-year revenue target holds.
- Beta service is targeted to switch on across the United States with an initial 3,000 digital cells by the end of 2026.
- The remainder of the 10 booked launches will continue from autumn 2026 at a cadence of one every month or two.
- The satellite count in orbit is planned to reach 45 by early 2027, the threshold for switching on commercial service.
- Regulatory steps toward roughly 100 MHz of U.S. spectrum access will be tracked through 2026-2027.
Upcoming Earnings
To Understand This