ASTS · AST SpaceMobile, Inc.

AST SpaceMobile’s Q1 2026 results reflect a transitional phase focused on infrastructure scale and regulatory validation rather than profitability. Revenue of $14.7 million was driven entirely by gateway deliveries and U.S. Government milestone payments — consistent with management’s stated plan for a gradual quarterly ramp through 2026. Total operating expenses surged to $164.1 million (up $37.5M QoQ), primarily due to $37.9M higher engineering services costs and $17.4M increased G&A, partially offset by lower cost of revenues — underscoring continued heavy investment in satellite development and integration. The $73.0 million in depreciation and amortization and stock-based compensation reflects ongoing capitalization of satellite assets and equity-based retention incentives. Critically, the company maintained $3.5 billion in total liquidity as of March 31, 2026 — providing runway well beyond its 2026 deployment targets. Management emphasized three pillars of progress: (1) regulatory, with the FCC’s Supplemental Coverage from Space authorization enabling commercial U.S. service; (2) technical, highlighted by the 98.9 Mbps speed record on Block 1 and Block 2’s anticipated near-doubling of throughput; and (3) operational, with BlueBird 8–10 scheduled for mid-June launch and BlueBird 11–33 in advanced assembly — supporting the target of ~45 satellites in orbit by year-end. The $150–200 million full-year revenue guidance remains intact, with half expected from contracted backlog, signaling confidence in near-term monetization via MNO partnerships (now ~60 globally) and U.S. Government awards (three new wins since March). While GAAP losses remain substantial, the focus is squarely on de-risking execution across manufacturing, launch, spectrum, and commercial integration — positioning ASTS for inflection into scaled revenue generation in 2027.