AST SpaceMobile, Inc. · Q2 2026

The quarter in short

Revenue $32M, up 113.9% on the quarter. EPS −$0.77, down 87.8% year over year and 16.7% on the quarter. Free cash flow −$695M, down 96.5% year over year and 124.4% on the quarter.

What we learned

1. A BlueBird costs $21 million to $23 million, launch included, not the $143 million ceiling. CFO Andy Johnson gave that per-satellite range on the call, settling what this piece could only bound from the release's own capex-per-satellite math.
2. The $3.7 billion pro forma cash covers 5.3 quarters of this quarter's burn, not open-ended. On cash actually held before the July convertible raise it is 3.9 quarters, and capital expenditure more than doubled sequentially to $597.6 million.
3. The $1.30 billion backlog buys 1.9 quarters of spending, not five. Measured against the $694.8 million quarterly burn rather than revenue, the backlog headline shrinks from transformational to a rounding step in the capital programme.
4. Three new US government awards carry over $100 million of funded near-term value. President Scott Wisniewski called government demand "a recurring multi-billion dollar a year opportunity starting in 2027," alongside the release's $125 million aggregate award figure.

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