AST SpaceMobile (ASTS) reported second-quarter 2026 revenue of $31.52 million, doubling sequentially from approximately $15.8 million recorded in the first quarter.
Despite the strong sequential growth, the company fell short of analyst expectations, missing the $35.18 million consensus forecast by $3.66 million, a shortfall of approximately 10.4%.
Management attributed Q2 revenue performance to commercial gateway deliveries and milestone achievements under U.S. government service contracts during the period.
The company delivered against 13 gateways to 7 customers across 5 continents, reflecting the broadening geographic reach of its satellite broadband platform.
AST SpaceMobile secured three new U.S. government contract awards carrying a funded near-term value of over $100 million, pushing its total revenue backlog to approximately $1.3 billion.
The company also received a preliminary award for the J-LEO project in Japan, with a total expected value of up to $1 billion in nondilutive, non-debt government capital.
A $1.15 billion convertible debt offering helped push AST SpaceMobile’s pro forma cash position to over $3.7 billion, significantly strengthening its financial foundation heading into the second half of the year.
The company expanded its Texas manufacturing capacity to support a production cadence of six BlueBird satellites per month, accelerating its path to full constellation deployment.
BlueBird satellites 11 through 13 are already in orbit, with BlueBird 14 through 16 nearing shipment, as the company builds toward a constellation of over 100 satellites.
AST SpaceMobile reported a $125.9 million loss on involuntary conversion during the second quarter, directly tied to the loss of the BlueBird 7 satellite.
CFO Andrew Johnson cautioned that “Our cost-per-satellite estimates are subject to fluctuations based on dynamic geopolitical factors that could impact our costs,” referencing the $21 million to $23 million target range.
Adjusted operating expenses rose in Q2 compared to Q1, consistent with the company’s deliberate strategy of investing aggressively in growth infrastructure and constellation buildout.
For Q3 2026, management guided adjusted operating expenses, excluding cost of revenues, to a range of $105 million to $115 million, with capital expenditure guidance set between $350 million and $425 million.
Full-year 2026 revenue guidance was reaffirmed at $150 million to $200 million, supported by contracted programs and the company’s existing commercial and government pipeline.
Consumer capability readiness is targeted for later in 2026, with commercial service potentially beginning once as few as 45 satellites are in orbit, as ASTS pursues its long-term goal of approaching $1 billion in revenue during its first full year of commercial operations.
