ASTS
AST SpaceMobile, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for AST SpaceMobile, Inc..
Coverage
Rocket Lab Is Buying $884 Million of Iridium Revenue at 9x Sales. Its Own Enterprise Value Sits at 58x.
Iridium's last twelve months of revenue are 115% of Rocket Lab's own, and the $8.0 billion enterprise value works out at 9.0x those sales against the 57.6x the market puts on Rocket Lab. The much-watched $67.50 collar floor turns out to be the small number in the deal: across its entire band the stock consideration moves only between 4.0% and 6.6% of shares.
SpaceX Paid $19.6 Billion for Spectrum That Earns Nothing Until 2028. On Our Own Model It Breaks Even at 23 Million Handsets.
The EchoStar spectrum is the precondition for a vertical our SPCX model scores at zero revenue for six more quarters. Priced against what that vertical is worth on the same model — $63.0B, or $4.78 of a $187.12 fair value — the spectrum costs 31% of what it unlocks, and the break-even is 23.2 million monetised handsets against the 74.3 million the model already assumes.
Satellite Spectrum: What the Bands Are, How the Licences Are Won, and Who Holds What
A guide from first principles: what a frequency band is and what each one is for, why a satellite's orbit decides which bands it can use, how the ITU and the Outer Space Treaty actually hand out the right to transmit, and what SpaceX and its competitors hold today — including the 65 MHz from EchoStar.
SpaceX and AST SpaceMobile Circle Grain's 800 MHz Spectrum
Both are reported to have expressed interest in ~$6bn of 800 MHz licences Grain Management took from T-Mobile in a swap; the licences span 3,224 counties, preliminary bids are due the first week of September and the FCC has set 5 November for completion.
FCC Grants Temporary Authority to Test 800 MHz Direct-to-Device
The Commission granted AST limited special temporary authority to test satellite-to-smartphone connectivity in the 800 MHz band, the same frequencies at issue in the Grain licence sale.
AST SpaceMobile Burned $695 Million in the June Quarter. Its $3.7 Billion of Pro Forma Cash Is Five More Quarters of That.
Operating cash less capital expenditure was -$694.8 million in the June quarter, 22 times the $31.5 million of revenue booked in the same three months. Against the company's own $3.7 billion pro forma cash figure that is 5.3 quarters, and the entire $1.30 billion contracted backlog — if it were collected in cash tomorrow — buys 1.9 of them.
Not meaningful: year-over-year growth is distorted by a near-zero prior-year revenue base.
Latest: $32M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $500,000.00 |
| 2024Q2 | $900,000.00 |
| 2024Q3 | $1M |
| 2024Q4 | $2M |
| 2025Q1 | $718,000.00 |
| 2025Q2 | $1M |
| 2025Q3 | $15M |
| 2025Q4 | $54M |
| 2026Q1 | $15M |
| 2026Q2 | $32M |
Latest: -$0.77 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$0.16 |
| 2024Q2 | -$0.51 |
| 2024Q3 | -$1.10 |
| 2024Q4 | -$0.18 |
| 2025Q1 | -$0.20 |
| 2025Q2 | -$0.41 |
| 2025Q3 | -$0.45 |
| 2025Q4 | -$0.26 |
| 2026Q1 | -$0.66 |
| 2026Q2 | -$0.77 |
Latest: -$695M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$88M |
| 2024Q2 | -$38M |
| 2024Q3 | -$64M |
| 2024Q4 | -$110M |
| 2025Q1 | -$149M |
| 2025Q2 | -$354M |
| 2025Q3 | -$303M |
| 2025Q4 | -$331M |
| 2026Q1 | -$310M |
| 2026Q2 | -$695M |
Latest: -$2.44B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$88M |
| 2024Q2 | -$126M |
| 2024Q3 | -$190M |
| 2024Q4 | -$300M |
| 2025Q1 | -$449M |
| 2025Q2 | -$803M |
| 2025Q3 | -$1.11B |
| 2025Q4 | -$1.44B |
| 2026Q1 | -$1.75B |
| 2026Q2 | -$2.44B |
Latest results
Company History
Abel Avellan founds the company after selling Emerging Markets Communications, with the thesis that a large enough phased array in low Earth orbit can talk to an ordinary handset.
A small test satellite validates the core link budget for direct-to-handset communication ahead of the full-scale array.
The SPAC business combination closes on 6 April 2021 and the company begins trading as ASTS, with a three-class share structure that leaves Avellan in voting control.
The 693-square-foot test array launches on 10 September 2022 and completes deployment in orbit on 14 November 2022, then the largest commercial communications array in low Earth orbit.
Two-way 4G and 5G calls to standard unmodified handsets over BW3, with download speeds above 21 Mbps, establish that the architecture works end to end.
The first commercial satellites launch in September 2024, moving the company from a single demonstrator to an operating constellation.
Agreements dated 22 March 2025 give AST long-term rights to L-band MSS spectrum, and definitive agreements with AT&T and Verizon put the service on the two largest US networks.
A New Glenn second-stage failure on 19 April strands BlueBird 7 and forces a $125.9 million write-off, after which BlueBirds 8 through 13 reach orbit within fifty days, taking the constellation to thirteen spacecraft.
Key Players
The CEO view — 1 appearance →
