AST SpaceMobile Q3 2026 earnings review

Revenue rose to $42.3M, missed the Zacks consensus, and the full-year guide was kept.

AST SpaceMobile, Inc. · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

AST SpaceMobile Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · AST SpaceMobile (ASTS) Q3 2026 earnings review

Revenue rose to $42.3M, missed the Zacks consensus, and the full-year guide was kept

  1. 1.Revenue of $42.3M missed the $44.5M Zacks estimate; EPS of -$0.44 missed the -$0.40 estimate
  2. 2.The company said it remains on target for 2026 revenue of $150M to $200M
  3. 3.Cash, cash equivalents and restricted cash were about $3.2B at Sep 30, 2026
  4. 4.Total operating expenses were $211.0M, or $133.6M on an adjusted basis
  5. 5.Shares were -5.8% in Nov 10 pre-market at $34.75 as of 8:33 AM EST, not a close

Note: Adjusted operating expenses exclude stock-based compensation, depreciation and amortization, and the small involuntary-conversion loss. The pre-market last is not a close.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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2 · Executive summary

Revenue missed the Zacks consensus by 4.8%, and diluted EPS missed by $0.04

Q3 2026 results vs. Zacks Consensus Estimate (Yahoo Finance, Nov 9, 2026)

MetricActualConsensusVarianceResult
Q3 total revenues$42.3M$44.5M-2.1M / -4.8%Miss
Q3 diluted EPS-$0.44-$0.40-$0.04 / -10.0%Miss

Share price, Nov 9 close to Nov 10 pre-market

AST SpaceMobile (Nasdaq)Nov 9 close, 4:00 PM ESTNov 10 pre-market, 8:33 AM ESTChange ($)Change (%)
ASTS$36.89$34.75-$2.14-5.8%

Both prices are from the CNBC quote page. The pre-market last is not a close.

Note: The EPS versus-consensus percentage is (actual less consensus) divided by the absolute value of the consensus, because both figures are losses.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; CNBC, Nov 10, 2026 8:33 AM EST

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3 · Q3 results vs. consensus

The company kept 2026 revenue guidance of $150M to $200M

2026 revenue guidance, reiterated Nov 9

MetricLowHighMidpoint (calculated)
2026 revenue$150M$200M$175M

Note: The $175 million midpoint is a DeepCell calculation; the company stated only the $150.0 million to $200.0 million range and said it remains on target, with upside based on recent contract signatures. Nine-month revenue was $88.6M, so the remaining guide implies a further fourth-quarter ramp. No third-party full-year consensus was verified for this page.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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4 · 2026 guidance

Total revenues rose to $42.3M

  1. Both lines grewProducts revenues rose 165.6% and services revenues rose 211.0%.
  2. The net loss widened modestlyThe net loss attributable to common stockholders was -$132.4M, or -$0.44 a share.
  3. The cash balance is largeCash and cash equivalents were $2.8B at Sep 30, 2026.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Total revenues$14.7M$42.3M187.1%
Total operating expenses$94.4M$211.0M123.5%
Net loss to common stockholders-$122.9M-$132.4M7.7%
Diluted EPS ($)-$0.45-$0.44(2.2%)

Note: The company described revenue as $42.3 million and did not state a year-on-year rate. Table year-on-year percentages, including 187.1%, are DeepCell calculations from the income statement.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

5

5 · Q3 key financials

Services revenues of $21.8M slightly exceeded products revenues

Revenue by line

$M, Q3 2025 vs. Q3 2026

LineQ3 2025Q3 2026YoY
Products revenues$7.7M$20.6M165.6%
Services revenues$7.0M$21.8M211.0%
Total revenues$14.7M$42.3M187.1%
The release ties the quarter to gateway deliveries and U.S. government milestones“We advanced several important initiatives to support the global expansion of our space-based cellular broadband network and expect to work with all major mobile network operators in the United States and Europe.” Abel Avellan, Chairman and Chief Executive Officer

Note: The company also cited a U.S. Space Force contract with about $100 million in revenue and 16 U.S. government awards to date.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

6

6 · Revenue by line

7 · Revenue bridge

Services revenues were 51% of the quarter, versus 47% a year earlier

Revenue mix

Q3 2025 vs Q3 2026

Products revenue share · Q3 2025: 52.6%Products revenue share · Q3 2026: 48.6%Services revenue share · Q3 2025: 47.4%Services revenue share · Q3 2026: 51.4%Q3 2025Q3 20260%25%50%75%100%52.6%48.6%47.4%51.4%
Products revenues were 49% of the quarter

Note: Cost of revenues is presented separately from other operating expenses on the income statement and is included in total operating expenses.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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8 · Revenue mix

Total operating expenses rose to $211.0M, led by engineering services costs

Operating expenses bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $94.4M$M · Engineering: $55.0M$M · Other costs: $61.7M$M · Q3 2026: $211.0MQ3 2025EngineeringOther costsQ3 2026$0M$50M$100M$150M$200M$230M$94.4M$55.0M$61.7M$211.0M
Engineering services costs rose $55.0M

Note: The second-quarter operating-expense total of $329.1 million included a $125.9 million loss on involuntary conversion, which is why the sequential GAAP decline is not a like-for-like cost cut.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

9

9 · Operating expense bridge

Adjusted operating expenses were $133.6M, up from $119.1M in the second quarter

  1. The sequential GAAP decline is misleadingQ2 total operating expenses of $329.1M included a $125.9M involuntary-conversion loss.
  2. Adjusted engineering costs roseAdjusted engineering services costs were $68.2M in Q3.
  3. Stock-based compensation was largeStock-based compensation in the Q3 operating-expense reconciliation was $52.3M.

Adjusted operating expenses, Q3 2026

LineGAAPAdjusted
Cost of revenues$25.3M$24.2M
Engineering services costs$95.8M$68.2M
General and administrative$55.7M$32.1M
Total operating expenses / adjusted$211.0M$133.6M

Note: Adjusted operating expenses exclude stock-based compensation, depreciation and amortization, and the involuntary-conversion loss, per the Exhibit 99.1 reconciliation.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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10 · Operating expense analysis

Nine-month operating cash use was $314.5M, and capex was heavy

  1. The exhibit cash-flow statement is nine-month onlyNet cash used in operating activities was $314.5M for the nine months.
  2. Satellite investment continuedPurchases of property and equipment were $1.2B for the nine months.
  3. The cash balance still roseCash, cash equivalents and restricted cash ended the quarter at $3.2B.

Nine-month cash flow

$MNine months 2026
Operating cash flow-$314.5M
Purchase of property and equipment-$1.2B

Note: The Exhibit 99.1 cash-flow statement does not present a standalone third-quarter column.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

11

11 · Cash flow and financing

Gross capitalized property and equipment reached about $2.6B

  1. Manufacturing is scalingThe release says production is running through BlueBird 51, with a targeted rate of six ASIC satellites a month in December.
  2. Japan funding is non-dilutiveThe J-LEO agreement features about $1.0B in non-dilutive funding for manufacturing and launch.
  3. U.S. government work is growingThe U.S. Space Force award is described as about $100M in revenue, with 16 U.S. government awards to date.

Capital and awards

MetricAmount
Gross capitalized property and equipment$2.6B
Accumulated depreciation and amortization$236.8M
Japan non-dilutive funding$1.0B

Note: Gross capitalized property and equipment of approximately $2.6 billion and accumulated depreciation and amortization of $236.8 million are from the release highlights.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

12

12 · Capital and contracts

Cash and cash equivalents rose to $2.8B, while long-term debt also increased

Cash and cash equivalents

$M, Dec 31, 2025 vs Sep 30, 2026

v · Dec 31, 2025: $2,336Mv · Sep 30, 2026: $2,799MDec 31, 2025Sep 30, 2026$0M$1,000M$2,000M$3,000M$3,500M$2,336M$2,799M
Long-term debt, net, was $4.1B at Sep 30, 2026

Note: Cash, cash equivalents and restricted cash of $3.233 billion equal cash and cash equivalents plus current and non-current restricted cash on the balance sheet.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and debt

Execution on launches, manufacturing and the 2026 revenue ramp are the main watch items

Indicator
What to watch
Implication
Latest reading
Launch and deployment timing
SpaceX, Blue Origin and later Blacklift slots
Constellation fill versus the 2026-28 plan
Intermittent nationwide service targeted by year-end 2026
ASIC production ramp
Six satellites a month from December
Manufacturing risk into the revenue guide
2026 revenue guide $150M to $200M
Revenue versus the run-rate needed
Nine-month revenue was $88.6M
Q4 must carry a large share of the guide
Q3 revenue $42.3M

Note: Cash, cash equivalents and restricted cash were $3.2B; long-term debt, net, was $4.1B. Japan funding is described as non-dilutive.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026

14

14 · Key risks to outlook

15 · Appendix: Revenue detail

Appendix: adjusted operating expenses

ClaimEvidenceCalculation
Adjusted cost of revenues$24.2MExcludes stock-based compensation
Adjusted engineering services costs$68.2MExcludes stock-based compensation
Adjusted general and administrative$32.1MExcludes stock-based compensation
Adjusted opex excluding cost of revenues$109.4M$109.4 million in the release

Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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16 · Appendix: Non-GAAP items

Appendix: guidance and non-dilutive capital

ClaimEvidenceCalculation
2026 revenue guidance midpoint (DeepCell calculation)$175MCompany stated $150.0–$200.0M only
Japan non-dilutive fundingAbout $1.0BMinistry of Internal Affairs and Communications, with Rakuten
U.S. Space Force contractAbout $100M in revenueSB-AMTI award; 16 U.S. government awards to date

Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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17 · Appendix: Guidance and funding

Appendix: cash and restricted cash

ClaimEvidenceCalculation
Cash and cash equivalents$2.8BSep 30, 2026
Restricted cash, current$6.2MSep 30, 2026
Restricted cash, non-current$428.4MSep 30, 2026
Combined cash and restricted cash$3.2BSums to the release figure

Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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18 · Appendix: Cash detail

Appendix: income statement detail

Revenue and costs

$M unless notedQ3 2025Q3 2026YoY
Total revenues$14.7M$42.3M187.1%
Engineering services costs$40.8M$95.8M134.6%
General and administrative$29.8M$55.7M86.8%
Research and development$5.5M$9.1M64.4%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Total operating expenses$94.4M$211.0M123.5%
Net loss to common stockholders-$122.9M-$132.4M7.7%

Note: Depreciation and amortization is presented as a separate operating-expense line.Source: AST SpaceMobile Form 8-K Ex. 99.1, Nov 9, 2026; analysis of company data

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19 · Appendix: Income statement

Appendix: sources

  • Filing: AST SpaceMobile Form 8-K, Nov 9, 2026 — https://www.sec.gov/Archives/edgar/data/1780312/000119312526453758/0001193125-26-453758-index.html
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1780312/000119312526453758/asts-ex99_1.htm
  • Q3 2026 Business Update presentation (Ex. 99.2 / IR) — https://irp.cdn-website.com/bbb776b9/files/uploaded/AST+SpaceMobile+Q3+2026+Business+Update_vF.pdf
  • Investor relations — https://investors.ast-science.com/
  • Consensus: Zacks Consensus Estimate via Yahoo Finance, Nov 9, 2026 — https://finance.yahoo.com/markets/stocks/articles/ast-spacemobile-inc-asts-reports-223503456.html
  • Share price: CNBC ASTS quote, Nov 9, 2026 regular close $36.89 at 4:00 PM EST and Nov 10 pre-market $34.75 at 8:33 AM EST — https://www.cnbc.com/quotes/ASTS
  • Company figures are in U.S. dollars. Non-GAAP figures follow the company's operating-expense reconciliation tables.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

Built with DeepCell / deepcell.net

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from AST SpaceMobile's Form 8-K of November 9, 2026 (Exhibit 99.1). Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled adjusted or non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by AST SpaceMobile, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 9, 2026, and the pre-market last at 8:33 AM EST on November 10, 2026. The pre-market last is not a close.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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