Management commentary
Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers
Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis
Results
5Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government
BlueBird 17 through BlueBird 46 in various stages of production and assembly
Management commentary
“AST SpaceMobile's differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufacturing capabilities, and comprehensive spectrum strategy are foundational to the space-based cellular broadband market we invented,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer.
“With the largest phased arrays ever deployed in low Earth orbit and a native cellular architecture designed to work directly with standard, unmodified smartphones, we believe we are uniquely positioned to deliver scalable direct-to-device connectivity for both commercial and government customers around the world.”
8“Following the recent orbital launch of BlueBirds 11, 12, and 13, our space-based cellular broadband network has now grown to 13 spacecraft in orbit, each the largest ever in low Earth orbit, with approximately 20,000 square feet of combined aperture hardware deployed,” continued Avellan.
“As we get ready to ship BlueBirds 14, 15, and 16 and continue expanding our constellation with production ongoing through BlueBird 46, we are preparing to initiate beta services with select strategic partners.”
“AST SpaceMobile is positioned at the forefront of large, diverse, and rapidly expanding market opportunity as the direct-to-device cellular broadband pioneer,” added Avellan.
“Beyond addressing the connectivity needs of billions of mobile subscribers, we are pursuing a broad range of mission critical applications, including government communications and non-communications, radar, emergency response, Internet of Things, AI edge compute and other advanced connectivity solutions.
Our growing commercial and government programs,
expansive spectrum portfolio, and fortified balance sheet provide us with the flexibility to capture opportunities across an expanding total addressable market.
We are continuing to scale our network, advance vertical integration, and secure additional access to orbit to take advantage of the growing number of opportunities in front of us.”
Business Update
Differentiated technology platform and comprehensive spectrum strategy enables space-based cellular broadband connectivity as well as many other mission-critical applications
Largest phased arrays ever placed into low Earth orbit means more power and bandwidth, with more precise beams for communications with small, unmodified smartphones, in addition to facilitating additional use cases beyond consumer communications
Block 2 satellites expected to deliver peak data rates approaching 200 Mbps with space-based cellular broadband recently demonstrated at nearly 100 Mbps on the Block 1 BlueBird
Comprehensive spectrum strategy with shared MNO spectrum and controlled MSS spectrum targeting ~100 MHz access in the U.S. and 60+ MHz access globally on a market-by-market basis
Proprietary ASIC with up to 10 GHz of processing bandwidth, per satellite enables 10x throughput improvement relative to Block 1 satellites and up to 10x improvement in user experience unlocked through AI-enabled spectrum management
Native cellular architecture favors MNOs and regulators using existing commercially trusted baseband ground-based hardware, with traffic remaining in-country
Partner-first strategy positions AST SpaceMobile as the direct-to-device partner of choice for mobile network operators globally
Corporate events
Signed partnerships with over 60 MNO partners globally who collectively cover over 3 billion subscribers
New joint-venture planned by top three U.S. MNOs expected to enable space-based cellular broadband connectivity to every American
Management commentary
Network integration and testing activities now underway across European countries with Vodafone, Orange, Telefónica, Vodafone Ukraine, and Deutsche Telekom as well as in other key markets including Canada, Japan, and Saudi Arabia, subject to final regulatory approvals
Total Addressable Market (TAM) continues to grow with direct-to-device market maturity and additional applications
Additional applications include non-communications, USG secure communications, additional funded networks, Internet of Things (IoT), federal emergency, and AI edge compute
Corporate events
Preliminary selection of Rakuten and AST SpaceMobile joint-venture by Japan MIC for J-LEO initiative with total expected value up to approximately $1 billion in non-dilutive, non-debt government capital
Management commentary
Mission-critical federal communications attractive for direct-to-device applications with FirstNet United States, Japan and most recently in Europe with Vodafone Ireland using dedicated emergency spectrum bands
Preparation for space-based cellular broadband beta service in 2026 as AST SpaceMobile network infrastructure continues to scale
Corporate events
Beta service initiative to offer scaled non-commercial usage with strategic MNO partners in select markets globally
Management commentary
Continued progress towards beta service in 2026 with initial 3,000 digital cells activated across the Continental United States
Corporate events
4Orbital launch of BlueBird 8-13 marks six spacecraft launched within 50 days, increasing network to 13 in-orbit spacecraft, with combined aperture hardware of approximately 20,000 sq ft
Management commentary
BlueBirds 14, 15, and 16 will be ready to ship shortly, with BlueBird 17 through BlueBird 46 in various stages of production and assembly
Outlook
6On track to achieve full year 2026 revenue guidance of $150.0 million to $200.0 million, supported by additional contract awards from the U.S. GovernmentGuidance reaffirmed
Results
7Revenue backlog increased to approximately $1.30 billion in aggregate contracted revenue with commercial partners and contract awards with the United States Government
Corporate events
Received multiple awards from the U.S. Government with an aggregate value of over $125 million supporting multiple national-security applications
Management commentary
Continued to build out global gateway footprint with nearly 50 gateways in various stages of completion, installation, and planning ahead of service
Results
Second quarter revenue was $31.5 million from commercial and government customers, consistent with plans for quarterly revenue ramp during 2026
Management commentary
Fortified balance sheet to pursue an expanding universe of growth opportunities, continue vertical integration, and secure additional access to orbit
Results
Over $3.7 billion in pro forma cash, cash equivalents, restricted cash as of June 30, 2026
Corporate events
In July 2026, raised $1.150 billion of gross proceeds from a new 1.625% convertible senior notes offering, with an effective conversion price of $149.20 per share and effective dilution of less than 2%
Results
Second Quarter 2026 Financial Highlights
Second quarter revenue of $31.5 million driven by gateway deliveries and U.S. Government milestones met
Total operating expenses for the second quarter of 2026 were $329.1 million, including $84.1 million of depreciation and amortization and stock-based compensation expense.
1This represents an increase of $165.0 million as compared to $164.1 million in the first quarter of 2026 due to a $125.9 million loss on involuntary conversion, a $20.3 million increase in general and administrative costs, a $11.9 million increase in cost of revenues, a $3.2 million increase in engineering services costs, a $3.1 million increase in depreciation and amortization expense, and a $0.6 million increase in research and development costs
2Adjusted operating expenses (1) for the second quarter of 2026 were $119.1 million, an increase of $27.9 million as compared to $91.2 million in the first quarter of 2026 due to a $12.3 million increase in Adjusted engineering services costs (1) , a $11.9 million increase in Adjusted cost of revenues (1) , a $3.1 million increase in Adjusted general and administrative costs (1) , and a $0.6 million increase in research and development costs.
3Our Adjusted operating expenses, excluding Adjusted cost of revenues (1) for the second quarter of 2026 was $95.9 million, compared to $79.8 million in the first quarter of 2026
As of June 30, 2026, we had cash, cash equivalents, and restricted cash of approximately $2.7 billion
As of June 30, 2026, we had incurred approximately $2.3 billion of gross capitalized property and equipment costs and accumulated depreciation and amortization of $211.9 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
40 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.