AST SpaceMobile, Inc. (ASTS.US) reported its Q3 2025 financial results, falling short of market expectations. The company posted revenue of $14.73 million, $7.31 million below estimates, with a net loss per share of $0.45 compared to $1.10 in the prior-year period. Analysts had anticipated a loss of $0.27 per share.

Q3 GAAP net loss attributable to shareholders was $123 million, improving from a $172 million loss year-over-year. Despite the earnings miss, AST SpaceMobile reaffirmed its H2 2025 revenue guidance of $50–75 million.

Non-GAAP adjusted operating expenses rose to $67.7 million in Q3 from $51.7 million in Q2. CFO Andrew Johnson projected Q4 adjusted operating expenses (excluding COGS) at approximately $60 million, with capital expenditures expected to increase modestly to $275–325 million.

Johnson noted that the average capital cost for over 90 Block 2 BlueBird satellites, including direct materials and launch expenses, remains estimated at $21–23 million per satellite.

Management highlighted strong commercial traction, citing over $1 billion in contracted revenue commitments and finalized agreements with major global carriers, signaling robust demand as the company scales commercial services. AST SpaceMobile maintains $3.2 billion in total liquidity, including cash, equivalents, restricted cash, and available ATM funding.