AST SpaceMobile (ASTS) Q2 2026 Earnings Report

The call presented substantial operational and commercial progress—doubling quarterly revenue, a larger backlog (~$1.3B), strong partnerships (>60 MNOs/3B subscribers), production scale-up, government awards, and a fortified balance sheet (> $3.7B pro forma)—which are meaningful positives. Offsetting these are material near-term cash burn and CapEx, rising operating expenses, execution risk tied to launches and regulatory spectrum access, and timing uncertainty for scaled commercial service. On balance, the strategic wins, funding runway, and early commercialization signals notably outweigh the operational risks and near-term spending profile.

Management reiterated full‑year 2026 revenue guidance of $150–$200 million (Q2 revenue $31.5M, more than double Q1) and said revenue should grow sequentially each quarter and be weighted to Q4; Q2 non‑GAAP adjusted operating expenses were $119.1M (Q1 $91.2M) with adjusted OpEx excluding cost of revenues $95.9M (Q1 $79.8M), Q3 adjusted OpEx ex‑costs guided to $105–115M and full‑year adjusted OpEx ex‑costs expected ~ $100M/quarter (~$400M total); Q2 CapEx was ~ $610M (Q1 ~$257M) with Q3 CapEx expected ~$350–425M and average capital cost per satellite (including launch) forecast at $21–23M; production/deployment targets include BlueBirds 14–16 ready to ship and 17–46 in production, a target assembly cadence of ~6 satellites/month, ~45 satellites in orbit by early 2027 (45–60 to enable continuous service in key markets; ~9 for additional strategic markets), 13 gateways delivered in Q2 to 7 customers across 5 continents, over 3,000 U.S. low‑band cells deployed toward ~5,600 total, a revenue backlog of ~ $1.3B, pro forma cash > $3.7B (inclusive of $1.15B convertible notes at 1.625% due 2034 with an effective conversion price of $149.20 and <2% dilution), spectrum tunability of ~1,150 MHz with ~100 MHz U.S. access and >60 MHz global, ASICs in full production aiming to nearly double the 98.9 Mbps peak data speed seen on Block 1 (ASIC supports up to 10 GHz processing per satellite), and 10 launches booked with two providers targeting a monthly/bi‑monthly cadence.