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AST SpaceMobile (ASTS) investor relations material
AST SpaceMobile Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved significant commercial progress in Q3 2025, signing definitive agreements with Verizon and stc Group, expanding the partner ecosystem to over 50 MNOs with nearly 3 billion subscribers globally, and securing a new U.S. Government contract as prime contractor.
Secured over $1 billion in total contracted revenue commitments from commercial partners, reflecting strong demand and validating the business model.
Manufacturing and launch activities are on track, with BlueBird 6 shipped for launch in December, five orbital launches planned by end of Q1 2026, and 45–60 satellites targeted for service by end of 2026.
Major strategic developments included the acquisition of S-Band ITU priority rights, a joint venture with Vodafone for European satellite services, and a $420 million payment for spectrum rights.
Maintains a robust balance sheet with over $3.2 billion in cash, cash equivalents, restricted cash, and liquidity as of September 30, 2025.
Financial highlights
Q3 2025 GAAP revenue was $14.7 million, primarily from gateway hardware sales and U.S. government service milestones, up from $2 million in the prior quarter.
Adjusted operating expenses for Q3 2025 ranged from $60.6 million to $67.7 million, up from Q2, driven by increased engineering, cost of goods sold, and G&A costs.
Net loss attributable to common stockholders for Q3 2025 was $122.9 million, an improvement from $171.9 million in Q3 2024.
Capital expenditures for Q3 were $259 million, down from $323 million in Q2, mainly for satellite production and launch contracts.
Cash and cash equivalents as of September 30, 2025, were $1.22 billion, with pro forma liquidity exceeding $3.2 billion after recent financings.
Outlook and guidance
Reiterated 2025 revenue guidance of $50 million–$75 million, with Q4 revenue expected to be driven by gateway sales, U.S. government milestones, and initial commercial service revenue.
On track for five orbital launches by end of Q1 2026, aiming for 45–60 satellites in orbit by end of 2026, with initial service activations in the U.S. and further launches in Canada, Japan, Saudi Arabia, and the U.K. in early 2026.
Management believes current liquidity is sufficient for the next 12 months and to fund the launch of up to 90 satellites.
When will $1B contracted revenue convert to GAAP?
Operating expense growth vs. revenue trajectory
Key challenges for 45-60 satellites by end 2026
Bridge $1B contracted revenue to Q3 GAAP revenue
How does satellite launch pace enable coverage goals?
What is the scope of the new US Gov contract award?
How does AI optimize spectrum allocation?
What is the plan for SatCo's EU constellation?
What is the strategy for 100+ satellite deployment?
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Next AST SpaceMobile earnings date
UBS Global Media and Communications Conference 20258 Dec, 2025
Next AST SpaceMobile earnings date
UBS Global Media and Communications Conference 20258 Dec, 2025
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Global Aerospace Technology, Inc. operates a space-based cellular broadband network for mobile phones. It focuses on building low earth orbit satellite platforms in Ku-band and serves telecommunications operators. AST SpaceMobile, Inc. was formerly known as Global Aerospace Technology, Inc. The company was founded in 2010 and is based in Menlo Park, California with additional offices in Reston and Fairfax, Virginia; and Orlando, Florida.
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