AST SpaceMobile
ASTS Nasdaq Wireless Telecommunication Services Financials FY2021–FY2025
AST SpaceMobile's revenue rose 1511.8% to $71 million in fiscal 2025. Its net margin was −482.2%, up from −6,820.1% a year earlier. Free cash flow was −$1.1 billion. The diluted share count rose 65.7%.
About these figures. AST SpaceMobile's figures start in 2021, the year it listed by merging with New Providence Acquisition Corp; the 2020 figures in its filings mix that blank-check company's and AST's own. AST SpaceMobile's income statement has no operating income line in the SEC's structured data, so operating income and the ratios built on it are left blank. AST SpaceMobile's filings from 2022 tag its earnings per share only for its Class A shares, so per-share figures are blank from then.
What AST SpaceMobile does
AST SpaceMobile is building a network of satellites in low Earth orbit meant to give ordinary smartphones cellular broadband service where land-based coverage does not reach. The company calls the planned product the SpaceMobile Service. It is still in development, and the company has not yet started to earn revenue from it. It also pursues government uses for its technology and patents.
The plan is to work through mobile network operators (MNOs), the phone companies that already serve users. AST says it has partnerships with over 50 of them, with nearly 3 billion subscribers worldwide. Users would not need new equipment or have to sign up with AST. AST intends to use a revenue-sharing model in its agreements with the operators, though it describes this as an intention.
The network uses spectrum, the radio frequencies that carry signals, that belongs to the operators, and AST has signed usage agreements for more. These include an agreement with Ligado Networks for mid-band spectrum, which still depends on conditions including regulatory approval. AST says it owns the technology and controls the manufacturing, itself or through contract makers, for approximately 95% of the sub-systems in its Block 2 satellites. It reported a net loss attributable to common stockholders of $341.9 million for 2025.
- Legal name
- AST SPACEMOBILE, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001780312-26-000006
0001780312
Revenue and margins
AST SpaceMobile had $70.9M of revenue in fiscal 2025, up 1,511.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$1.1B in fiscal 2025, −1,602.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AST SpaceMobile returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 65.7%.
Value AST SpaceMobile yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $2.1B and divides by 256.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably AST SpaceMobile can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $637M | $469M | $155M | $1.1B | $4.3B |
| Debt incl. finance leases | $5.0M | $4.8M | $59.5M | $159M | $2.2B |
| Debt / equity | 0.0x | 0.0x | 0.3x | 0.2x | 0.9x |
| Interest coverage | −5,609.0x | −511.5x | −48.1x | −27.1x | −13.4x |
| Current ratio | 15.7x | 9.7x | 2.3x | 7.9x | 16.4x |
| Quick ratio | 15.6x | 9.7x | 2.3x | 7.9x | 16.3x |
| Total assets | $444M | $438M | $361M | $955M | $5.0B |
| Total liabilities | $92.0M | $78.5M | $147M | $285M | $2.6B |
| Shareholders' equity | $352M | $360M | $214M | $669M | $2.4B |
| Net debt (− = net cash) | −$632M | −$465M | −$95.8M | −$917M | −$2.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.7M
2 insiders
Sold, 12 months
$287M
5 insiders
Of sales under plans
3%
$9.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Huiwen YaoChief Technology Officer | Sold plan | 40,000 | $58.93 | $2.4M | Form 4 |
| Sep 16, 2026 | Shanti B. GuptaChief Operating Officer | Sold | 12,000 | $58.89 | $0.7M | Form 4 |
| Aug 31, 2026 | Adriana CisnerosDirector | Bought | 10,822 | $57.22 | $0.6M | Form 4 |
| Jun 11, 2026 | Andrew Martin JohnsonCFO and CLO, Director | Sold | 45,809 | $93.81 | $4.3M | Form 4 |
| Jun 5, 2026 | Huiwen YaoChief Technology Officer | Sold plan | 40,000 | $96.37 | $3.9M | Form 4 |
| May 20, 2026 | Andrew Martin JohnsonCFO and CLO, Director | Sold | 5,000 | $90.25 | $0.5M | Form 4 |
| May 13, 2026 | Julio A. TorresDirector | Sold | 15,000 | $76.34 | $1.1M | Form 4 |
| Apr 15, 2026 | Rakuten Group Inc.10% owner | Sold | 1,350,000 | $86.22 | $116M | Form 4 |
| Apr 14, 2026 | Rakuten Group Inc.10% owner | Sold | 1,690,000 | $91.42 | $154M | Form 4 |
| Mar 23, 2026 | Huiwen YaoChief Technology Officer | Sold plan | 40,000 | $88.88 | $3.6M | Form 4 |
| Dec 24, 2025 | Keith R LarsonDirector | Bought plan | 625 | $80.00 | $0.1M | Form 4 |
| Dec 17, 2025 | Keith R LarsonDirector | Bought plan | 715 | $70.02 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | — / 9 | 3 / 8 | 4 / 8 |
| Accruals ratio | 15.4% | −26.5% | −9.1% |
| Altman Z'' | −3.12 | 0.83 | 2.87 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AST SpaceMobile ASTS | $11.9B | 1,511.8% | — | −1,602.2% | — | — | 4 | |
| Shenandoah Telecommunications SHEN | $575M | 9.1% | −6.5% | −72.1% | −1.3% | — | 3 | Compare → |
| EchoStar ECHO | $31.3B | −5.2% | −118.1% | −7.1% | −39.9% | — | 1 | Compare → |
| T-Mobile US TMUS | $158.6B | 8.5% | 20.7% | 20.4% | 9.8% | 15.3x | 6 | Compare → |
| Rumble RUM | $1.6B | 5.4% | −125.9% | −74.0% | — | — | — | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $12.4M | $13.8M | $0.0M | $4.4M | $70.9M |
| Gross profit | $4.8M | $7.1M | $0.0M | — | — |
| Research and development | $23.4M | $45.6M | $47.5M | $28.8M | $28.1M |
| Interest expense | $0.0M | $0.2M | $4.5M | $18.7M | $31.8M |
| Pretax income | −$72.9M | −$103M | −$221M | −$525M | −$457M |
| Income tax | $0.3M | $0.6M | $1.7M | $1.3M | $3.9M |
| Net income | −$30.6M | −$31.6M | −$87.6M | −$300M | −$342M |
| Diluted EPS | −$0.37 | — | — | — | — |
| Diluted shares | 0.05B | — | 0.08B | 0.15B | 0.26B |
| Cash flow | |||||
| Cash from operations | −$80.1M | −$157M | −$149M | −$126M | −$71.5M |
| Capital expenditure | $15.1M | $57.3M | $119M | $174M | $1.1B |
| Free cash flow | −$95.2M | −$214M | −$268M | −$300M | −$1.1B |
| Depreciation and amortization | $2.9M | $4.7M | $54.5M | $63.3M | $51.1M |
| Stock-based compensation | $3.7M | $9.4M | $13.3M | $32.0M | $47.5M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||
| Cash and short-term investments | $637M | $469M | $155M | $1.1B | $4.3B |
| Total debt | $5.0M | $4.8M | $59.5M | $159M | $2.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $336M | $268M | $107M | $600M | $2.5B |
| Current liabilities | $21.4M | $27.8M | $46.2M | $75.9M | $150M |
| Inventory | $1.4M | $0.0M | $0.0M | $1.1M | $12.0M |
| Property and equipment, net | $95.9M | $146M | $239M | $338M | $1.4B |
| Total assets | $444M | $438M | $361M | $955M | $5.0B |
| Total liabilities | $92.0M | $78.5M | $147M | $285M | $2.6B |
| Shareholders' equity | $352M | $360M | $214M | $669M | $2.4B |
| Margins | |||||
| Gross margin | 39.0% | 51.4% | — | — | — |
| EBITDA margin | −564.3% | −705.9% | — | −10,067.3% | −527.7% |
| Net margin | −246.3% | −228.9% | — | −6,820.1% | −482.2% |
| FCF margin | −767.2% | −1,546.1% | — | −6,824.3% | −1,602.2% |
| Returns | |||||
| Return on capital employed | — | −24.6% | −59.7% | −84.9% | −14.8% |
| Return on equity | — | −8.9% | −30.5% | −68.0% | −22.3% |
| Return on assets | — | −7.2% | −21.9% | −45.6% | −11.5% |
| Growth | |||||
| Revenue growth | — | 11.5% | −100.0% | — | 1,511.8% |
| Share count change | — | — | — | 88.8% | 65.7% |
| Financial health | |||||
| Debt / equity | 0.0x | 0.0x | 0.3x | 0.2x | 0.9x |
| Interest coverage | −5,609.0x | −511.5x | −48.1x | −27.1x | −13.4x |
| Current ratio | 15.7x | 9.7x | 2.3x | 7.9x | 16.4x |
| Quick ratio | 15.6x | 9.7x | 2.3x | 7.9x | 16.3x |
| Capital allocation | |||||
| Capex / revenue | 121.6% | 414.4% | — | 3,957.4% | 1,501.4% |
| Stock comp / revenue | 30.1% | 67.9% | — | 728.2% | 67.0% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 3.0 | 4.0 |
| Altman Z'' | 7.0 | 6.1 | −3.1 | 0.8 | 2.9 |
| Accruals ratio | — | 28.3% | 15.4% | −26.5% | −9.1% |
Source: SEC EDGAR XBRL filings (CIK 0001780312). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.