AST SpaceMobile
ASTS · NasdaqCommunications Services, NEC · Fiscal year ends Dec 31
AST SpaceMobile reported revenue of $71M in the fiscal year ended Dec 2025, up 413.0% from the year before. Net income was −$342M. Operating cash flow of −$72M less capital expenditure of $1.1B left free cash flow of −$1.1B. It held more cash than debt (net cash $116M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12M | $14M | $0 | $14M | $71M |
| Cost of revenue | $8M | $7M | $0 | – | – |
| Gross profit | $5M | $7M | $0 | – | – |
| Research & development | $23M | $46M | $47M | $29M | $28M |
| Net interest incomeBanks | – | $3M | $3M | – | – |
| Interest expense | – | $200,000 | $5M | $19M | $32M |
| Pre-tax income | −$73M | −$102M | −$221M | −$525M | −$457M |
| Income tax | $331,000 | $617,000 | $2M | $1M | $4M |
| Net income | −$31M | −$32M | −$88M | −$300M | −$342M |
| Diluted EPS | −0.37 | – | – | – | – |
| Diluted shares | – | – | 82M | 155M | 256M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $322M | $239M | $86M | $565M | $2.3B |
| Receivables | $2M | $0 | – | $1M | $38M |
| Inventory | $1M | $0 | – | $1M | $12M |
| Current assets | $336M | $268M | $107M | $600M | $2.5B |
| Net PP&E | $96M | $146M | $238M | $338M | $1.4B |
| Goodwill | $4M | $0 | – | – | – |
| Total assets | $444M | $438M | $361M | $955M | $5B |
| Payables | $7M | $14M | $21M | $17M | $47M |
| Deferred revenue | $7M | $0 | $0 | $42M | $20M |
| Current liabilities | $21M | $28M | $46M | $76M | $150M |
| Short-term debt | $0 | $242,000 | $252,000 | $3M | $12M |
| Long-term debt | $5M | $5M | $59M | $156M | $2.2B |
| Total liabilities | $92M | $79M | $147M | $285M | $2.6B |
| Shareholders' equity | $352M | $360M | $214M | $669M | $2.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$80M | −$156M | −$149M | −$126M | −$72M |
| Capital expenditure | $15M | $57M | $119M | $174M | $1.1B |
| Free cash flow | −$95M | −$214M | −$268M | −$300M | −$1.1B |
| Depreciation & amortisation | $3M | $5M | $54M | $63M | $51M |
| Stock-based compensation | $4M | $9M | $13M | $32M | $47M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.4% | −100.0% | – | 413.0% |
| Gross margin | 39.0% | 51.4% | – | – | – |
| Net margin | −246.3% | −228.9% | – | −2170.6% | −482.2% |
| Return on equityBlank when equity is negative | −8.7% | −8.8% | −41.0% | −44.8% | −14.3% |
| Free cash flow margin | −767.2% | −1546.1% | – | −2171.9% | −1602.2% |
| Cash conversion (CFO ÷ net income) | 2.62x | 4.95x | 1.70x | 0.42x | 0.21x |
| Receivable days | 64 | 0 | – | 37 | 194 |
| Inventory days | 68 | 0 | – | – | – |
| Payable days | 320 | 757 | – | – | – |
| Debt ÷ equity | 0.01x | 0.01x | 0.28x | 0.24x | 0.93x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$317M | −$234M | −$26M | −$406M | −$116M |
| Current ratio | 15.7x | 9.65x | 2.31x | 7.90x | 16.4x |
Recent filings
More in Communications Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.