Over $1 billion in aggregate contracted revenue commitments from partners reflect robust demand as company advances towards commercial service rollout
Combined cash and liquidity of $3.2 billion in pro forma cash, cash equivalents, and restricted cash and availability under the ATM facility
MIDLAND, Texas--(BUSINESS WIRE)--November 10, 2025--
AST SpaceMobile, Inc. ("AST SpaceMobile") (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update and results for the third quarter ended September 30, 2025.
"AST SpaceMobile continues to lead the direct-to-device space-based cellular broadband industry," commented Abel Avellan, Founder, Chairman and CEO of AST SpaceMobile. "During the past few months, commercial activity has significantly accelerated, demonstrating the robust demand for our solution across the ecosystem."
Avellan added, "Our definitive commercial agreements with Verizon and stc Group are milestone achievements, representing transformational partnerships stemming from our commercial and network operator partner strategy as we continue to build long-term commercial relationships with industry leaders around the world, which includes agreements with over 50 MNO partners with nearly 3 billion subscribers globally."
Business Update
-- Significant contract wins with the signing of definitive commercial
agreements with stc Group and Verizon, as well as additional traction
with U.S. Government customer
-- stc Group agreement covers Saudi Arabia and other key regional
markets in the Middle East and North Africa, with a 10-year term
and $175.0 million prepayment for future services
-- Verizon agreement further expands strategic partnership
announced in May 2024 and positions AST SpaceMobile to target 100%
geographical coverage in the continental United States
-- Received new contract award with the U.S. Government as prime
contractor, subject to contract negotiations, while continuing to
perform against existing contracts
-- Secured over $1.0 billion in aggregate contracted revenue commitments
from partners as commercialization efforts and integration with partner
networks accelerate
-- Initial activation in key markets including nationwide
intermittent service across the continental United States, with
plans for activations in Canada, Japan, Saudi Arabia, and the
United Kingdom in early 2026
-- Announced intention with Vodafone for new EU constellation
serving mobile network operators across Europe, with Germany as
satellite operations center
-- GAAP revenue of $14.7 million in Q3 of 2025 driven by U.S.
Government contract milestones and gateway deliveries
-- Company reiterates its second-half 2025 revenue guidance of
$50.0 million to $75.0 million
-- Started multi-provider orbital launch campaign following shipment of
BlueBird 6 to India with launch expected in first half of December
-- BlueBird 7 expected to ship to Cape Canaveral in November with
orbital launch anticipated shortly thereafter
-- On track for five orbital launches expected by the end of Q1
2026, with launches every one to two months on average to reach
goal of 45 to 60 satellites by end of 2026
-- BlueBird 8 to BlueBird 19 are in various stages of production
and expect to complete assembly of 40 satellites equivalent of
microns by early 2026
-- Proprietary ASIC with up to 10 GHz of processing bandwidth
planned for first integration during Q1 2026
-- Robust balance sheet with over $3.2 billion in cash, cash equivalents,
restricted cash and liquidity, pro forma for convertible notes offering,
monetized capped call, and aggregate proceeds and availability under the
ATM facility (as of September 30, 2025)
-- Raised $1.15 billion of gross proceeds from new 10-year
convertible senior notes offering, with a 2.00% coupon and
effective conversion price of $96.30 per share of Class A common
stock
-- Efficiently managed capital structure and financial assets,
reducing the 4.25% convertible senior notes to $50.0 million
outstanding and monetizing the related capped call for $74.5
million in net cash proceeds
Third Quarter 2025 Financial Highlights
-- Revenue of $14.7 million during the third quarter driven by gateway
deliveries and U.S. Government milestones
-- Total operating expenses for the third quarter of 2025 were $94.4
million, including $26.7 million of depreciation and amortization and
stock-based compensation expense. This represents an increase of $20.4
million as compared to $74.0 million in the second quarter of 2025 due to
a $12.2 million increase in engineering services costs, a $5.5 million
increase in cost of gateway deliveries, a $2.6 million increase in
general and administrative costs, and a $1.0 million increase in
depreciation and amortization expense, partially offset by a $0.9 million
decrease in research and development costs
-- Adjusted operating expenses(1) for the third quarter of 2025 were $67.7
million, an increase of $16.0 million as compared to $51.7 million in the
second quarter of 2025 due to a $7.6 million increase in Adjusted
engineering services costs(1), a $5.5 million increase in cost of gateway
deliveries, and a $3.8 million increase in Adjusted general and
administrative costs(1), partially offset by a $0.9 million decrease in
research and development costs
-- As of September 30, 2025, we had cash, cash equivalents, and restricted
cash of $1.2 billion
-- As of September 30, 2025, we had incurred approximately $1.2 billion of
gross capitalized property and equipment costs and accumulated
depreciation and amortization of $158.0 million. The capitalized costs
include costs of satellite materials for BlueBird satellites, advance
launch payments, capital advances, Block 1 and BlueWalker 3 satellites,
assembly and integration facilities including assembly and test equipment,
and ground antennas
(1) See reconciliation of Adjusted operating expenses to Total operating
expenses, Adjusted engineering services costs to Engineering services costs
and Adjusted general and administrative costs to General and administrative
costs in the tables accompanying this press release.
Non-GAAP Financial Measures
We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release.
Conference Call Information
AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Monday, November 10, 2025. The call will be accessible via a live webcast on the Events page of AST SpaceMobile's Investor Relations website at https://ast-science.com/investors/. An archive of the webcast will be available shortly after the call.
About AST SpaceMobile
AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today's five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.
Forward-Looking Statements
This communication contains "forward-looking statements" that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "would," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile's control and are difficult to predict.
Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile's strategies and future financial performance, including AST's future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile's ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile's responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company's filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025 and November 10, 2025.
AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025 and November 10, 2025. AST SpaceMobile's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Third Quarter 2025 Financial Results
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands, except share data)
As of
------------------------------------------
September 30, 2025 December 31, 2024
-------------------- -------------------
ASSETS
------------------------
Current assets:
------------------------
Cash and cash
equivalents $ 1,204,282 $ 564,988
Restricted cash 15,841 2,546
Accounts receivable,
net 11,491 1,400
Inventory 10,885 1,062
Prepaid expenses 9,267 7,887
Other current assets 25,237 22,363
---------------- ---------------
Total current
assets 1,277,003 600,246
Non-current assets:
------------------------
Property and
equipment, net 1,007,844 337,669
Intangible assets, net 213,766 -
Operating lease
right-of-use assets,
net 15,482 14,014
Other non-current
assets 36,807 2,632
---------------- ---------------
TOTAL ASSETS $ 2,550,902 $ 954,561
================ ===============
LIABILITIES AND
STOCKHOLDERS' EQUITY
------------------------
Current liabilities:
------------------------
Accounts payable $ 50,707 $ 17,004
Accrued expenses and
other current
liabilities 48,717 12,195
Current contract
liabilities 23,067 41,968
Current operating
lease liabilities 2,137 1,856
Current portion of
long-term debt 8,947 2,919
---------------- ---------------
Total current
liabilities 133,575 75,942
Non-current
liabilities:
------------------------
Warrant liabilities 4,616 41,248
Non-current operating
lease liabilities 13,771 12,652
Non-current contract
liabilities 43,497 -
Long-term debt, net 697,628 155,573
Other non-current
liabilities 31,797 -
---------------- ---------------
Total liabilities 924,884 285,415
Commitments and
contingencies
Stockholders' Equity:
------------------------
Class A Common Stock,
$.0001 par value;
800,000,000 shares
authorized;
271,981,894 and
208,173,198 shares
issued and
outstanding as of
September 30, 2025
and December 31,
2024, respectively. 26 20
Class B Common Stock,
$.0001 par value;
200,000,000 shares
authorized;
11,227,292 shares
issued and
outstanding as of
September 30, 2025
and December 31,
2024, respectively. 4 4
Class C Common Stock,
$.0001 par value;
125,000,000 shares
authorized;
78,163,078 shares
issued and
outstanding as of
September 30, 2025
and December 31,
2024, respectively. 8 8
Additional paid-in
capital 1,996,974 969,004
Accumulated other
comprehensive income
(loss) 1,174 (176)
Accumulated deficit (757,719) (489,745)
Noncontrolling
interest 385,551 190,031
---------------- ---------------
Total stockholders'
equity 1,626,018 669,146
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,550,902 $ 954,561
================ ===============
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
For The Three Months For The Nine Months
Ended September 30, Ended September 30,
--------------------------- ---------------------------
2025 2024 2025 2024
------------ ------------ ------------ ------------
Revenues $ 14,739 $ 1,100 $ 16,613 $ 2,500
Operating
expenses:
------------------
Cost of revenues
(exclusive of
items shown
below) 5,511 - 5,803 -
Engineering
services costs 40,836 21,828 96,346 62,546
General and
administrative
costs 29,822 15,551 75,448 45,677
Research and
development
costs 5,530 14,724 19,058 23,435
Depreciation and
amortization 12,716 14,543 35,394 54,880
----------- ----------- ----------- -----------
Total
operating
expenses 94,415 66,646 232,049 186,538
Other (expense)
income:
------------------
Gain (loss) on
remeasurement
of warrant
liabilities 2,938 (236,912) (65,300) (284,839)
Interest expense (7,545) (5,400) (17,938) (14,732)
Interest income 12,239 4,014 28,452 8,886
Other (expense)
income, net (91,409) 1,410 (91,852) 1,661
----------- ----------- ----------- -----------
Total other
(expense)
income, net (83,777) (236,888) (146,638) (289,024)
Loss before income
tax expense (163,453) (302,434) (362,074) (473,062)
Income tax
expense (374) (646) (1,284) (1,172)
----------- ----------- ----------- -----------
Net loss before
allocation to
noncontrolling
interest (163,827) (303,080) (363,358) (474,234)
Net loss
attributable to
noncontrolling
interest (40,953) (131,134) (95,384) (210,008)
----------- ----------- ----------- -----------
Net loss
attributable to
common
stockholders $ (122,874) $ (171,946) $ (267,974) $ (264,226)
=========== =========== =========== ===========
Net loss per share
attributable to
holders of Class A
Common Stock
Basic and
diluted $ (0.45) $ (1.10) $ (1.09) $ (1.89)
Weighted-average
number of shares
Basic and
diluted 272,831,168 155,644,888 246,490,060 139,485,036
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
(Dollars in thousands)
For The Three Months For The Nine Months
Ended September 30, Ended September 30,
--------------------- ---------------------
2025 2024 2025 2024
--------- --------- --------- ---------
Net loss before
allocation to
noncontrolling
interest $(163,827) $(303,080) $(363,358) $(474,234)
Other
comprehensive
income (loss)
Foreign currency
translation
adjustments 105 529 1,883 190
-------- -------- -------- --------
Total other
comprehensive
income (loss) 105 529 1,883 190
-------- -------- -------- --------
Total comprehensive
loss before
allocation to
noncontrolling
interest (163,722) (302,551) (361,475) (474,044)
Comprehensive
loss
attributable to
noncontrolling
interest (40,914) (130,906) (94,851) (209,944)
-------- -------- -------- --------
Comprehensive loss
attributable to
common
stockholders $(122,808) $(171,645) $(266,624) $(264,100)
======== ======== ======== ========
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
For The Nine Months
Ended September 30,
----------------------
2025 2024
---------- ---------
Cash flows from operating activities:
Net loss before allocation to
noncontrolling interest $ (363,358) $(474,234)
Adjustments to reconcile net loss
before noncontrolling interest to
cash used in operating
activities:
Depreciation and amortization 35,394 54,880
Amortization of debt issuance
costs 1,206 3,047
Amortization of debt commitment
fee 1,833 -
Loss on disposal of property and
equipment 1,045 2,221
Induced conversion expense on
convertible notes 84,317 -
Loss on remeasurement of warrant
liabilities 65,300 284,839
Stock-based compensation 32,338 20,617
Non-cash interest expense 845 2,959
Changes in operating assets and
liabilities:
Accounts receivable (10,091) -
Prepaid expenses and other
current assets (5,148) (7,079)
Inventory (9,823) (861)
Accounts payable and accrued
expenses 17,728 (7,998)
Operating lease right-of-use
assets and operating lease
liabilities (83) 357
Contract liabilities 24,597 22,468
Other assets and liabilities (12,586) 1,081
--------- --------
Net cash used in operating activities (136,486) (97,703)
Cash flows from investing activities:
Purchase of property and equipment (669,045) (92,095)
Purchase of spectrum intangibles (27,961) -
--------- --------
Net cash used in investing activities (697,006) (92,095)
Cash flows from financing activities:
Proceeds from debt 1,043,779 145,000
Repayments of debt (2,940) (187)
Payment for debt issuance costs (5,907) (9,435)
Proceeds from issuance of common
stock 576,617 338,911
Payments for third party equity
issuance costs (11,304) (6,903)
Proceeds from warrants exercises - 153,307
Issuance of equity under employee
stock plan 8,043 3,058
Employee taxes paid for stock-based
compensation awards (18,679) (3,325)
Purchase of capped call transactions (98,578) -
Payments for debt commitment fee (11,000) -
Proceeds from share issuances to
repurchase 2032 4.25% convertible
notes 849,827 -
Payments for repurchase of 2032
4.25% convertible notes (842,805) -
--------- --------
Net cash provided by financing
activities 1,487,053 620,426
Effect of exchange rate changes on
cash, cash equivalents and restricted
cash (972) 161
Net increase in cash, cash equivalents
and restricted cash 652,589 430,789
Cash, cash equivalents and restricted
cash, beginning of period 567,534 88,097
--------- --------
Cash, cash equivalents and restricted
cash, end of period $1,220,123 $ 518,886
========= ========
Supplemental disclosure of cash flow
information:
Non-cash activities:
Right-of-use assets obtained in
exchange for operating lease
liabilities $ 3,204 $ -
Non-cash investing and financing
activities:
Purchases of property and equipment
in accounts payable and accrued
expenses $ 43,726 $ 5,086
PIK interest paid through issuance
of PIK notes 497 2,959
Deferred asset acquisition costs
paid by issuance of penny warrants 121,156 -
Spectrum intangibles acquisition
costs accrued or paid by issuance
of shares 64,649 -
2034 Convertible Notes settled by
issuance of Class A Common Stock 139,620 -
Settlement of warrant liabilities by
issuing shares 101,930 257,337
Cash paid for:
Interest $ 4,215 $ 6,694
Income taxes, net 1,662 1,135
AST SPACEMOBILE, INC.
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES
(UNAUDITED)
(Dollars in thousands)
For the Three Months Ended September 30,
2025
----------------------------------------
Stock-Based
GAAP Compensation
Reported Expense Adjusted
--------- ---------------- ----------
Cost of revenues
(exclusive of
items shown
below) $ 5,511 $ - $ 5,511
Engineering
services costs 40,836 (8,047) 32,789
General and
administrative
costs 29,822 (5,940) 23,882
Research and
development
costs 5,530 - 5,530
Depreciation and
amortization 12,716 - 12,716
-------- ------------ ---------
Total
operating
expenses $ 94,415 $ (13,987) $ 80,428
Less:
Depreciation
and
amortization (12,716)
---------
Adjusted
operating
expenses $ 67,712
=========
For the Three Months Ended June 30, 2025
------------------------------------------
Stock-Based
Compensation
GAAP Reported Expense Adjusted
------------- ---------------- --------
Engineering
services costs 28,598 (3,341) 25,257
General and
administrative
costs 27,242 (7,184) 20,058
Research and
development
costs 6,393 - 6,393
Depreciation and
amortization 11,720 - 11,720
--- -------- ------------ -------
Total
operating
expenses $ 73,953 $ (10,525) $ 63,428
Less:
Depreciation
and
amortization (11,720)
-------
Adjusted
operating
expenses $ 51,708
=======
Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are alternative financial measures used by management to evaluate our operating performance as a supplement to our most directly comparable U.S. GAAP financial measure. We define Adjusted operating expense as Total operating expenses adjusted to exclude amounts of stock-based compensation expense and depreciation and amortization expense. We define Adjusted engineering services costs and Adjusted general and administrative costs as engineering services costs and general and administrative costs adjusted to exclude stock-based compensation expenses.
We believe Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. Adjusted operating expenses, Adjusted engineering services costs, and Adjusted general and administrative costs are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measure of Total operating expenses, Engineering services costs and General and administrative costs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251110832696/en/
CONTACT: Investor Contact:
Scott Wisniewski
investors@ast-science.com
Media Contact:
Allison
Eva Murphy Ryan
917-547-7289
ASTSpaceMobile@allisonpr.com
(END) Dow Jones Newswires
November 10, 2025 16:15 ET (21:15 GMT)