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…
Earnings analysis · 10-Q
ASTS earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Reported figures
- Earnings per share
- $-0.77
What stood out
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.