EARNINGS RESULTS · Q2 2026

AST SpaceMobile Q2 2026: Revenue Up 2,626.64%, Operating Margin -944.09%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. Quarterly free cash flow was -$0.69 bn. The dated assessment on 2026-10-08 was wait at a reference price of $60.65.

AST SpaceMobile · ASTSPublished October 8, 2026Quarter ended June 30, 2026

Q2 2026: What the Quarter Delivered

Revenue: $0.03 bn
Revenue growth YoY: 2,626.6%
Operating income: -$0.3 bn
Operating margin: -944.1%
Diluted EPS, GAAP: -$0.77

AST SpaceMobile reported $0.03 bn of revenue in Q2 2026. Revenue rose 2,626.64% from the comparable prior-year quarter. Operating loss was $0.3 bn, with an operating margin of -944.09%. Reported diluted EPS was -$0.77.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of -944.09%: $944.09 of operating loss for every $100 of revenue, before interest and tax.

The launch loss complicates the latest result, so it would be misleading to treat the quarter as a clean picture of recurring costs. Still, removing a setback from the discussion would not establish profitable service economics.

What the Reported Earnings Include

Other non-operating income: $0 bn
GAAP net income: -$0.3 bn
Diluted weighted-average shares: 0.3 bn shares

Q2 2026 GAAP net income was -$0.3 bn. Other non-operating income was $0 bn.

Class B and Class C voting shares are not interchangeable with the listed Class A economic-share denominator. I would not turn the consolidated loss into a shareholder earnings estimate or treat reported earnings per share as normalized recurring profit.

Reported diluted earnings per share remain negative, but the consolidated net loss is not identical to the loss attributable to listed Class A shareholders. Consolidated operations include AST LLC noncontrolling interests, which represent ownership held outside the parent.

Cash Left After Investment

Operating cash flow: -$0.14 bn
Cash flow after reported cash capital purchases: -$1.64 bn
Quarterly operating cash flow: -$0.1 bn
Quarterly cash CapEx: $0.6 bn
Quarterly OCF less cash PPE purchases: -$0.69 bn

In Q2 2026, operating cash flow of -$0.1 bn less cash capital expenditure of $0.6 bn left -$0.69 bn of free cash flow. Cash investment exceeded cash generated from operations.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $60.65 dated 2026-10-07. This assessment relates to the Q2 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Successful satellite launches, deployment and testing that bring commercial network access closer.
Confirmation to watch: Required regulatory approvals for satellite launch and operation.
Confirmation to watch: Recognition of SpaceMobile Service revenue after mobile operators receive network access.
Confirmation to watch: Contract obligations converting into reported revenue alongside clearer funding needs.
Risk to this assessment: Further launch failures or deployment delays that materially increase replacement costs.
Risk to this assessment: Commercial service access slipping while satellite spending continues.
Risk to this assessment: Financing terms or new share issuance that materially weaken the outcome for existing shareholders.

Companies to explore

Verdict: Invest