AST SpaceMobile (ASTS) Q1 2026 earnings summary

Executive summary

• Achieved significant progress in scaling manufacturing, expanding MNO partnerships to nearly 60 global operators covering over 3 billion subscribers, and integrating ground networks globally, supporting transition from R&D to operational deployment.

• Network deployment targets approximately 45 BlueBird satellites in orbit during 2026, leveraging multiple launch partners and vertically integrated manufacturing.

• Achieved a record 98.9 Mbps peak data speed to unmodified smartphones from Block 1 BlueBird satellite, with expectations to nearly double this with upcoming Block 2 satellites.

• FCC authorized commercial SpaceMobile Service in the U.S., enabling direct-to-device broadband via up to 248 satellites.

• Maintains a strong balance sheet with approximately $3.5 billion in cash, cash equivalents, and restricted cash as of March 31, 2026.

Financial highlights

• Q1 2026 revenue was $14.7 million, primarily from gateway deliveries and U.S. government contracts.

• Net loss attributable to common stockholders was $191.0 million for Q1 2026, with a net loss per share of $0.66.

• Adjusted operating expenses for Q1 2026 were $91.2 million, down from $95.7 million in Q4 2025; excluding cost of revenues, expenses were $79.8 million.

• Capital expenditures in Q1 ranged from $257 million to $406.7 million, with gross property and equipment at $1.8 billion.

• Full-year 2026 revenue guidance reiterated at $150–$200 million, with about half expected from existing contracted backlog.

Outlook and guidance

• Revenue expected to build sequentially each quarter in 2026, driven by commercial and government contracts.

• Targeting approximately 45 satellites in orbit by year-end 2026, enabling commercial service in key global markets.

• Management expects noncontinuous SpaceMobile Service in select markets with 25 satellites and continuous service in key markets with 45–60 satellites.

• The company believes it is fully funded for the planned constellation of approximately 90 satellites.

• Continued development of AI edge computing and spectrum management features, with integration targeted by year-end.