ASTS Nasdaq Russell 1000 Earnings call
AST SpaceMobile (ASTS) · Q2 2026 results
Share price: $36.62 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 10 Aug 2026 and 11 May 2026
Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -230.9M vs -191.0M
Revenue +113.9%
Net income -230.9M vs -99.4M in Q2 2025 and -191.0M last quarter.
2 · How management spoke
Restrained
Less upbeat than 68% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
The company expects revenue to build sequentially each quarter during 2026 through contributions from commercial revenues, primarily gateway sales…
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$36.62
close of 2026-11-11
Revenue growth, 3 years
+72.5% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.3B
Free cash flow 2024
−$0.3B
Free cash flow 2025
−$1.1B
Read between the lines
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Key theme
In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly…
Source quote
“In this backdrop, AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly... The markets we are pursuing in AST SpaceMobile are massive, and the problem we are solving is important and touches nearly all of us. It is now my pleasure to pass this over to Chairman and CEO, Abel Avellan, who will go through our activities since our last public update.”
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Guidance
ASIC chip is now in full production and should nearly double peak speeds from 98.9 megabits per second.
Source quote
“Our ASIC chip is now in full production, and we are expecting to nearly double the peak data speed of 98.9 megabits per second achieved using our on-orbit...”
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Figure
The company increased its revenue backlog to approximately 100 million dollars as an indicator of success from its expanding total addressable market.
Source quote
“As an early indicator of success from our expanding total addressable market of opportunities, we increased our revenue backlog to approximately...”
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Fading
ASTS plans to integrate AI edge computing and spectrum management features into next-generation Bluebird satellites in production by year-end to drive innovation into sale capabilities.
Source quote
“We are deploying a specific AI edge computing and AI spectrum management features for on-orbit capabilities to incorporate into novel... We continue to leverage these advantages by driving innovation into every aspect of our sale capabilities. We currently expect to integrate these features into our next-generation bluebird satellite targeting blue birds in production by year-end.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As an early indicator of success from our expanding total addressable market of opportunities, we increased our revenue backlog to approximately $1.3 billion in aggregated contracted revenue, agreement with partners...”
“The hard work across the organization continues with revenue building on plan for 2026 satellite manufacturing increasing to support our orbital launch campaign and increasing applications within our rapidly expanding...”
“The primary drivers of the increase versus the prior quarter were growth in our workforce, including contractors and consultants, our expanded production facilities, other professional fees and critical investments relating...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 31.5M | 14.7M | +113.9% | 1.2M | +2626.6% |
| Operating income | -298.8M | -248.4M | Loss widened | -135.2M | Loss widened |
| Net income | -230.9M | -191.0M | Loss widened | -99.4M | Loss widened |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- New What AST SpaceMobile is seeing is that this opportunity is going to start scaling up into a recurring multibillion dollar a year...
- New I won't speak to individual markets, but certainly, Europe and NATO and you can see how it's playing out through...
- For those of you who may be new to AST SpaceMobile's company and mission, there are nearly 6 billion mobile phones...
- AST SpaceMobile's manufacturing progress positions us well to support its current network deployment plan, targeting approximately 45…
- In particular, the 700-megahertz band is one that AST SpaceMobile has put on the satellite in order to be able to address...
Faded since Q1 2026
- Dropped I am thrilled to report that the leadership AST SpaceMobile has in place is now producing microns, face a race stackable...
- Fading AST SpaceMobile's 95% vertically integrated manufacturing strategy is significant long-term advantage with its manufacturing team ramping…
- Fading AST SpaceMobile continues to execute on key business objectives at the company transitioning from R&D stage to fully scale operational…
- Fading The strength of AST SpaceMobile's balance sheet positions us to complete the full buildout and launch of a constellation of over...
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation; Unregistered share sale; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K