AST SpaceMobile Shrugs Off an Earnings Miss as Its Satellite Network Keeps Growing

AST SpaceMobile, Inc. (ASTS) reported a wider-than-expected loss and revenue that fell short of Wall Street’s estimates for the second quarter. Yet the satellite-to-smartphone company held its full-year guidance steady and kept expanding its constellation — and investors largely looked past the miss, nudging shares slightly higher after the report.

Key Points

• AST SpaceMobile (ASTS) posted an adjusted loss of $0.77 per share, far wider than the $0.26–$0.32 loss analysts expected.
• Revenue nearly doubled sequentially to $31.5 million but missed the ~$35 million consensus.
• The company reaffirmed full-year 2026 revenue guidance of $150 million to $200 million.
• Its revenue backlog grew to roughly $1.30 billion across commercial partners and US government awards.
• Partnerships now span 60+ mobile network operators covering more than 3 billion subscribers.
• With 13 satellites in orbit, the company is preparing to launch beta services with select partners.

The Earnings Miss

On the headline numbers, AST SpaceMobile (ASTS) disappointed. The company reported an adjusted loss of $0.77 per share for the quarter ended June 30 — far steeper than the roughly $0.26 to $0.32 loss that analysts had modeled. Revenue, meanwhile, climbed to $31.5 million from about $15.8 million in the first quarter, yet it still landed below the ~$35 million consensus. Management tied that revenue to gateway deliveries and milestones achieved under US government programs.

Costs Drove the Wider Loss

Digging deeper, a sharp rise in expenses explains much of the shortfall. Total operating expenses jumped to $329.1 million, up $165 million from $164.1 million in the first quarter. A $125.9 million loss on involuntary conversion accounted for the bulk of that increase, though the company also absorbed higher general and administrative, cost-of-revenue, engineering, depreciation, and R&D costs. On an adjusted basis, however, the picture looked far tamer: adjusted operating expenses rose more modestly to $119.1 million from $91.2 million.

Guidance and Backlog Reassure Investors

Despite the miss, ASTS gave the market plenty of reasons to stay patient. First, the company reaffirmed its full-year 2026 revenue guidance of $150 million to $200 million. Moreover, its revenue backlog swelled to roughly $1.30 billion in aggregate contracted revenue, spanning both commercial partners and US government contract awards. In addition, AST SpaceMobile has now signed partnerships with more than 60 mobile network operators worldwide, which collectively reach over 3 billion subscribers.

The Constellation Keeps Expanding

Just as importantly, the company continues to build out the network that underpins the entire investment case. Following the recent launch of BlueBirds 11, 12, and 13, AST SpaceMobile (ASTS) now operates 13 spacecraft in orbit. Furthermore, it is preparing BlueBirds 14, 15, and 16 for shipment, with production running through BlueBird 46. As the constellation grows, the company said it is getting ready to launch beta services with select strategic partners.

The Takeaway

Ultimately, AST SpaceMobile’s report follows a familiar pre-revenue playbook. Although the loss widened and revenue came up short, investors focused instead on the metrics that matter most at this stage — a growing backlog, expanding operator partnerships, and a steadily enlarging satellite fleet. As a result, the stock ticked higher rather than falling, trading up about 1.5% after the results.