AST SpaceMobile (NASDAQ: ASTS) shares closed 4.4% lower at $68.76 on August 10 before the company released its second-quarter financial results.
Second-quarter revenue of $31.5 million missed the approximately $34.5 million consensus estimate, while the net loss attributable to common stockholders widened to $230.9 million.
Investors appeared more focused on deployment progress than on the earnings miss, as the company expanded its constellation to 13 satellites and reiterated full-year 2026 revenue guidance of $150 million to $200 million.
AST SpaceMobile (NASDAQ: ASTS) reported approximately $1.3 billion of company-defined contracted backlog, representing the strongest sign yet that its commercial opportunity has moved beyond a technology demonstration.
The backlog includes contracted revenue from mobile-network partners and awards from U.S. government programs, with management noting that government business remains a minority of the total.
AST separately reported approximately $1.2 billion of remaining performance obligations under accounting rules as of June 30, with only 6.6% expected to be recognized over the following 12 months.
That amounts to roughly $79 million in near-term recognized revenue, leaving the vast majority of the accounting backlog scheduled for later periods and doing little to resolve the immediate revenue-ramp question.
Product revenue reached $24.4 million during the quarter, largely from gateway equipment and related software, while services revenue totaled $7.1 million across 13 gateways delivered to seven customers on five continents.
AST SpaceMobile (NASDAQ: ASTS) generated $46.3 million of revenue during the first half of 2026, meaning the company must deliver between $103.7 million and $153.7 million in the second half to hit its full-year guidance range.
Management expects revenue to increase sequentially in each remaining quarter, weighted toward the fourth quarter, with drivers including additional gateway deliveries, government milestones, consulting services, and possible limited initial commercial-service revenue.
The August 5 launch of BlueBirds 11, 12, and 13 brought the total constellation to 13 spacecraft, while BlueBirds 14 through 16 were approaching shipment and BlueBirds 17 through 46 were in various stages of production and assembly.
AST launched six spacecraft within 50 days across the BlueBird 8 through 13 missions, representing the clearest operational sign that deployment has begun accelerating beyond isolated individual launches.
Management said the company has 10 launches booked with two providers and is targeting an average cadence of one launch every one to two months, without relying on a return to flight by Blue Origin.
If that cadence holds, AST expects to have approximately 45 satellites in orbit by early 2027, a milestone management has identified as potentially sufficient to begin a commercial rollout.
Management estimates that approximately 25 satellites would provide coverage for around half of the day from a typical U.S. location, while approximately 45 to 60 could support continuous service in key markets.
The company has relationships with more than 60 mobile-network operators that collectively cover over three billion subscribers, including AT&T, Verizon Communications, Vodafone Group, Rakuten Group, stc Group, Bell Canada, and Telus.
AST also reported multiple U.S. government awards with an aggregate value exceeding $125 million, with three recent awards carrying more than $100 million of funded near-term value expected during 2026 and 2027.
The bear case centers on a costly second-quarter setback: BlueBird 7 was placed into an unsustainable orbit during an April launch and subsequently de-orbited, forcing a $125.9 million loss on involuntary conversion after accounting for insurance recoveries.
AST SpaceMobile (NASDAQ: ASTS) ended June with approximately $2.7 billion of cash, cash equivalents, and restricted cash, before raising $1.15 billion of gross proceeds in July through 1.625% convertible senior notes due in 2034.
Including the July financing, the company reported more than $3.7 billion of pro forma liquidity, with management believing AST is fully funded to manufacture and launch approximately 90 satellites.
Capital expenditures reached approximately $610 million during the second quarter, up from approximately $257 million in the first quarter, with third-quarter capex expected to land between $350 million and $425 million.
AST estimates average direct-material and launch costs of $21 million to $23 million per Block 2 satellite, and the company expects to maintain access to additional capital until revenue is sufficient to support its cost structure.
Insider Monkey’s hedge fund database shows 39 hedge funds held positions in AST SpaceMobile (NASDAQ: ASTS) at the end of the first quarter of 2026, up from 33 funds at the end of the preceding quarter.
The stock remains a wager on whether AST can build, launch, and monetize its network fast enough to convert a credible backlog into a durable recurring-revenue business.
