AST SpaceMobile, Inc.
2026-03-02 · 10-K
Revenue of $4.4M in FY2024 with zero revenue from SpaceMobile Service; company is pre-revenue despite years of operation since May 2017
Net loss of $341.9M in FY2024 with cumulative losses of $831.7M from inception; zero gross profit and negative operating income of $1.1M
Shareholders' equity of only $5.0M against $2.3B debt outstanding and total assets of $5.01B, with debt covenant restrictions limiting financial flexibility
Signed definitive agreements with AT&T, Verizon, STC, and Vodafone representing ~3B global subscribers; 3,850 patent claims and custom ASIC chip provide differentiation, but technology remains unproven
Operating cash flow of negative $71.5M in FY2024; dependent on equity raises ($1.51B in 2025 ATM proceeds) rather than operational cash generation
CapEx of $1.06B against $4.4M revenue with R&D of $28.1M and stock-based compensation of $47.5M; burning cash heavily on pre-revenue satellite manufacturing and deployment
AST SpaceMobile is building the world's first satellite network that connects directly to ordinary smartphones — no special hardware needed. They partner with major mobile carriers (MNOs) like AT&T, Verizon, and Vodafone, who pay AST a revenue share when their customers use SpaceMobile coverage in areas where terrestrial cell service doesn't reach. The company is still in the construction phase: they're manufacturing and launching large satellites, signing carrier deals, and have not yet generated meaningful commercial revenue.
---
Filing coverage
Full document
Silmarl