ASTS earnings analysis
What we found in ASTS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AST SpaceMobile’s Q2 revenue increased to $31.520 million from $15 million in Q1 2026 and $1 million a year earlier, but it missed the $34.343 million consensus estimate. Diluted EPS of $(0.77) was materially below the $(0.29) estimate and worsened from $(0.66) in Q1. Management maintained 2026 revenue guidance of $150 million to $200 million, while the $1.075 billion convertible-note issuance improves funding capacity but increases leverage and potential dilution.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated sequentially and year over year
- Q2 revenue was $31.520 million, up from $15 million in Q1 2026 and $1 million in Q2 2025, indicating continued commercial ramp.
- Full-year revenue outlook maintained
- Management maintained full-year 2026 revenue guidance of $150 million to $200 million and said it remained on track, supported by additional U.S. Government contract awards.
- Large financing extends liquidity runway
- The company issued $1.075 billion of 2.25% convertible notes due 2036; the full $1.075 billion principal amount was outstanding as of June 30, 2026, strengthening near-term funding capacity.
- Telus strategic investment completed
- The company sold 61,987 Class A shares to Telus at approximately $80.66 per share for approximately $4,999,985, adding strategic capital and commercial alignment.
- Disclosure controls remained effective
- Management concluded that disclosure controls were effective as of June 30, 2026, and reported no changes during the quarter that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue and EPS missed estimates
- Q2 revenue of $31.520 million missed the $34.343 million consensus estimate, while diluted EPS of $(0.77) missed the $(0.29) estimate. EPS also deteriorated from $(0.66) in Q1 2026 and $(0.41) in Q2 2025.
- Large loss and elevated operating costs
- Results included a $125.911 million loss on involuntary conversion and $329.097 million of operating expenses, highlighting substantial earnings volatility and continued execution spending.
- Convertible debt raises leverage risk
- The $1.075 billion 2036 convertible-note issuance increases leverage and potential future dilution. Although the notes have a fixed 2.25% interest rate, their fair value changes with the stock price and market interest rates.
- Executive share-sale plans disclosed
- The CTO entered a Rule 10b5-1 plan covering up to 160,000 shares, and the CFO entered a plan covering up to 42,000 shares, creating potential insider-selling overhang.
- No material risk-factor changes
- The filing stated that there were no material changes to the risk factors previously disclosed in the 2025 Form 10-K as of June 30, 2026; therefore, no new material risk-factor change was identified.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.77
What they said about what is next.
Management maintained full-year 2026 revenue guidance of $150 million to $200 million and stated it was on track to achieve the outlook, supported by additional U.S. Government contract awards.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 11, 2026
- AST SpaceMobile reported a disappointing Q1 2026 with revenues of $14.7 million, significantly below the expected $36.9 million and a wider EPS loss of $0.66, compared to the estimated loss of $0.21. The company…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ASTS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever