AST SpaceMobile (ASTS) Q3 2025 earnings summary

Executive summary

• Secured over $1 billion in contracted revenue commitments, reflecting strong demand and commercial momentum, with milestone agreements signed with Verizon and stc Group, expanding global reach to over 50 MNOs and nearly 3 billion subscribers.

• Achieved Q3 2025 revenue of $14.7 million, up from $1.1 million in Q3 2024, driven by government contracts and gateway equipment sales to MNOs.

• Maintained a robust liquidity position with over $3.2 billion in cash, cash equivalents, and restricted cash as of September 30, 2025, fully funding the constellation buildout to over 100 satellites.

• 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.

• Initial service activations underway in the US, with further launches and activations planned in Canada, Japan, Saudi Arabia, and the UK in early 2026.

Financial highlights

• Q3 2025 GAAP revenue was $14.7 million, primarily from U.S. Government contracts and gateway hardware sales.

• Adjusted operating expenses for Q3 2025 ranged from $60.6 million to $67.7 million, up from Q2, driven by higher engineering, COGS, 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, mainly for satellite production and launch contracts.

• Cash, cash equivalents, and restricted cash stood at $1.2 billion as of September 30, 2025, with pro forma liquidity of $3.2 billion after recent financings.

Outlook and guidance

• Reiterated second-half 2025 revenue guidance of $50.0 million to $75.0 million, with continued growth anticipated in 2026.

• On track for five orbital launches by end of Q1 2026, aiming for 45 to 60 satellites by end of 2026, enabling continuous service in key markets.

• CapEx for Q4 2025 projected at $275-325 million, with OpEx in the mid-$60 million range.

• Management believes current liquidity is sufficient for the next 12 months and to fund the launch of up to 90 satellites.