AST SpaceMobile, Inc.

Listed Company

ASTSCIK 0001780312NasdaqLarge AcceleratedCommunications Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-341.94M

Total Assets

$5.01B

Equity

$2.39B

Shares Out

—

Op. Cash Flow

$-71.52M

Business

AST SpaceMobile, Inc. is developing a space-based Cellular Broadband network that connects directly to unmodified consumer smartphones via a constellation of high-powered phased-array LEO satellites. Its primary offerings include the SpaceMobile Service, commercial BlueBird (BB) satellites and related ground gateway equipment, custom ASIC and phased-array technology, and government-focused satellite applications. The company operates commercial and government business segments, including satellite manufacturing, launch coordination, ground infrastructure and wholesale services to mobile network operators (MNOs). It targets key markets such as the United States, Europe, Japan and other strategic international markets through MNO partnerships and gateway distribution channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	71	4	0	14	12
Engineering services costs	143	93	79	54	30
General and administrative costs	102	62	42	48	36
Research and development costs	28	29	47	46	23
Depreciation and amortization	51	63	55	5	3
Total operating expenses	359	247	222	160	92
(Loss) gain on remeasurement of warrant liabilities	−68	−269	9	19	16
Interest expense	−36	−19	−5	−216,000	—
Interest income	49	14	7	3	—
Other (expense) income, net	−114	2	−10	22	−2
Loss on extinguishment of debt	0	−11	0	0	—
Total other (expense) income, net	−169	−282	1	43	14
Loss before income tax expense	−457	−525	−221	−102	−73
Income tax expense	−4	−1	−2	−617,000	331,000
Net loss before allocation to noncontrolling interest	−461	−526	−223	−103	—
Net loss attributable to noncontrolling interest	−119	−226	−135	−71	−43
Net loss attributable to common stockholders	−342	−300	−88	−32	−31
Weighted-average number of shares outstanding - basic	256	155	82	—	—
Weighted-average number of shares outstanding - diluted	256	155	82	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,336	565	86	239	322
Restricted cash	900,000	3	2	668,000	3
Accounts receivable, net (includes related party accounts receivable of $2,091 and $0 at December 31, 2025 and 2024, respectively)	38	1	—	0	2
Inventory	12	1	—	0	1
Prepaid expenses	12	8	5	4	3
Other current assets	60	22	14	25	5
Total current assets	2,459	600	107	268	336
Restricted cash	443	0	—	—	—
Property and equipment, net	1,399	338	238	146	96
Intangible assets, net	245	0	—	—	—
Operating lease right-of-use assets, net	19	14	13	8	8
Other non-current assets (includes related party loan receivable of $18,187 and $0 at December 31, 2025 and 2024, respectively)	449	3	2	16	559,000
TOTAL ASSETS	5,014	955	361	438	444
Accounts payable	47	17	21	14	7
Accrued expenses and other current liabilities	69	12	24	13	7
Current contract liabilities	20	42	—	0	7
Current operating lease liabilities	2	2	1	722,000	634,000
Current portion of long-term debt	12	3	252,000	242,000	—
Total current liabilities	150	76	46	28	21
Warrant liabilities	7	41	30	39	58
Non-current operating lease liabilities	17	13	12	7	8
Non-current contract liabilities	207	0	—	—	—
Long-term debt, net	2,208	156	59	5	5
Other non-current liabilities	32	0	—	—	—
Total liabilities	2,622	285	147	79	92
Commitments and contingencies (Note 9)	—	—	—	—	—
Additional paid-in capital	2,672	969	288	235	171
Accumulated other comprehensive income (loss)	1	−176,000	227,000	229,000	−433,000
Accumulated deficit	−832	−490	−190	−102	−70
Noncontrolling interest	551	190	115	226	252
Total stockholders' equity	2,392	669	214	360	352
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	5,014	955	361	438	444

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	51	63	54	5	3
Amortization of debt issuance costs	3	4	1	0	—
Amortization of debt commitment fee	4	0	0	—	—
Write off of unamortized debt issuance costs	0	5	0	0	—
Loss on disposal/sale of property and equipment	5	2	100,000	305,000	0
Induced conversion expense on convertible notes	100	0	0	—	—
Stock-based compensation	47	32	13	9	4
Non-cash interest expense	1	3	0	—	—
Non-cash interest income	−564,000	0	0	—	—
Loss from equity method investment	1	0	0	—	—
Accounts receivable	−36	380,000	−2	−2	−220,000
Prepaid expenses and other current assets	−28	−13	14	−25	−4
Inventory	−11	−1	0	−2	1
Accounts payable and accrued expenses	32	−6	−149,000	18	2
Contract liabilities	162	42	0	2	—
Other assets and liabilities	−9	89,000	2	−16	−159,000
Net cash used in operating activities	−72	−126	−149	−156	−80
Purchase of property and equipment	−1,065	−174	−119	−57	−15
Capital advances to Ligado	−420	0	0	—	—
Purchase of spectrum intangibles	−56	0	0	—	0
Net cash used in investing activities	−1,541	−174	−119	−31	−55
Proceeds from debt	2,612	145	64	230,000	49,000
Repayments of debt	−5	−49	−242,000	0	—
Payment for debt issuance costs	−12	−9	−10	0	—
Proceeds from issuance of common stock	1,296	552	65	105	0
Payments for third party equity issuance costs	−24	−12	−872,000	−3	0
Proceeds from warrant exercises	0	154	0	14,000	14,000
Issuance of equity under employee stock plan	12	5	225,000	73,000	0
Employee taxes paid for stock-based compensation awards	−23	−5	−865,000	0	—
Purchase of capped call transactions	−99	0	0	—	—
Proceeds from capped call sales	75	0	0	—	—
Payments for debt commitment fee	−11	0	0	—	—
Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes	1,011	0	0	—	—
Payments for repurchase of 2032 4.25% Convertible Notes	−1,004	0	0	—	—
Net cash provided by financing activities	3,827	780	117	102	417
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−2	−260,000	−142,000	195,000	−294,000
Net increase (decrease) in cash, cash equivalents and restricted cash	2,212	479	−151	−85	282
Right-of-use assets obtained in exchange for operating lease liabilities	7	2	7	1	2
Purchases of property and equipment in accounts payable and accrued expenses	57	9	18	5	1
PIK interest paid through issuance of PIK notes	497,000	3	0	0	—
Deferred asset acquisition costs paid by issuance of penny warrants	121	0	0	—	—
Spectrum intangibles acquisition costs accrued or paid by issuance of shares	68	0	0	—	—
2034 Convertible Notes settled by issuance of Class A Common Stock	140	0	0	—	—
Settlement of warrant liabilities by issuing shares	102	257	0	0	—
Acquisition of equity investment in and loan receivable from SatCo by contributing exclusive distribution rights	23	0	0	—	—
Interest	8	12	3	224,000	13,000
Income taxes, net	7	2	492,000	684,000	186,000

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