AST SpaceMobile Q2 revenue misses consensus as constellation costs double losses

Satellite broadband economics remain punishing during the constellation build phase, when capital outlays consistently outpace revenue recognition. Against that backdrop, AST SpaceMobile posted second-quarter 2026 revenue of $31.5 million, missing the Wall Street Journal-cited analyst consensus of $34.5 million, while its net loss attributable to common stockholders more than doubled year-over-year to $230.9 million.

Quarterly results

The period's revenue came from gateway deliveries and milestone payments on U.S. government contracts. Total operating expenses rose to $329.1 million from $164.1 million in the prior quarter. A single $125.9 million loss on involuntary conversion drove much of that expansion, tied to the Blue Origin New Glenn incident in which BlueBird 7 was placed into the wrong orbit and destroyed. AST SpaceMobile said an insurance policy covered the financial impact and that replacement satellites are in preparation. Per-share loss widened to 77 cents from 41 cents in the year-ago quarter.

Backlog, balance sheet, and guidance

The company reaffirmed full-year revenue guidance of $150 million to $200 million, bracketing FactSet's consensus of $155.7 million. The revenue backlog stands at roughly $1.3 billion, spanning commercial and U.S. government contracts, with cumulative government funding for national-security applications now exceeding $125 million. Additional government contract awards were cited as partial support for the maintained outlook.

The balance sheet leaves limited room for doubt about near-term solvency. As of June 30, 2026, AST SpaceMobile held approximately $2.7 billion in cash, equivalents, and restricted cash. A July convertible notes offering added $1.15 billion in gross proceeds.

Constellation progress and the cross-border demand picture

Six spacecraft were launched in under 50 days, lifting the in-orbit fleet to 13 satellites. Three more BlueBirds, numbered 14 through 16, are close to shipment-ready; satellites 17 through 46 remain in the production and assembly pipeline. A beta-service launch with certain mobile-network partners is targeted before year-end 2026.

The demand environment for direct-to-device broadband spans more than 60 mobile-network operators with combined subscriber bases exceeding 3 billion. Network integration and testing are active across European markets with Vodafone, Orange, Telefónica, Vodafone Ukraine, and Deutsche Telekom, and in Canada, Japan, and Saudi Arabia, pending regulatory approvals in each jurisdiction. That approval timeline is the macro caveat: a delay across those markets, or a further launch anomaly, would pressure a guidance range that already depends on contracts not yet fully converted to revenue.

AST SpaceMobile stock fell 3.7% in after-hours trading Monday.