AST SpaceMobile, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Product was 63% and Service was 37% of revenue; Service fell from 89% in the fiscal year to Dec 2024.

Quarters: AST SpaceMobile, Inc.'s SEC filings, named by the month they end. Fiscal years: AST SpaceMobile, Inc.'s annual reports to the SEC.

How it makes money

The company loses $482.2 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: AST SpaceMobile, Inc.'s annual reports to the SEC.

How long can the cash last?

AST SpaceMobile had $5.3B in cash and short-term investments at the end of Sep 2026. It burned $1.8B over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 12 quarters. It raised $805M selling new shares over the same four quarters. Its diluted share count is up 93% from two years earlier.

From AST SpaceMobile, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report AST SpaceMobile buys from Ligado, Crown Castle, AT&T and 1 more; sells to Verizon, STC, Vodafone and 1 more.

Their suppliers

Ciena CIENto AT&T

EchoStar SATSto AT&T

Frontier Communicationsto AT&T

American Tower AMTto Verizon

UScellular ADto Verizon

Tillman Global Holdingsto Verizon

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Suppliers

AT&T T

Crown Castle CCI

Verizon VZ

Ligado

 

ASTSAST SpaceMobile

Customers

AT&T T

Verizon VZ

Vodafone VOD

STC

Their customers

EchoStar SATSfrom AT&T

Comcast CMCSAfrom Verizon

Charter Communications CHTRfrom Verizon

Show 3

Partners

SSatCoDistributes satellite services to European mobile operators$5.9 million equity investment upon formation in 2025

Ligadoinvested in AST SpaceMobile · Holds warrants for Class A shares4.7 million Penny Warrants; $0.01 exercise price per share

Rakuteninvested in AST SpaceMobile · Equityholder and satellite connectivity testing partner

American Tower AMTinvested in AST SpaceMobile · Equityholder and commercial relationship partner

Vodafone VODJointly owns European satellite service business

AT&T TTests satellite voice and video connectivityVerizon VZTests satellite voice and video connectivityAlphabet GOOGLCommercial relationship supporting SpaceMobile strategy

Bell Canada BCETests satellite voice, broadband, and video connectivity

SSRS SpaceLicense agreement

Changes since the previous annual report (10-K filed Mar 3, 2025)

Crown Castle CCINamed for the first time, as a supplier

STCNamed for the first time, as a customer$175.0 million prepayment committed during 2025; ten-year agreement

Bell Canada BCENamed for the first time, as a partner

SSatCoNamed for the first time, as a partner$5.9 million equity investment upon formation in 2025

DDialog SemiconductorNo longer named (was a supplier)

American Tower AMTNo longer a supplier, still a partner

LigadoNow also a supplier

RakutenNo longer a customer, still a partner

Verizon VZNow also a supplier

Only the companies AST SpaceMobile names in its 10-K filed Mar 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 94.2x, above the peer median of 6.9x. Revenue is up 187% from a year ago.

Above the peer median of 6.9x. The market pays more per $1 of revenue than for peers.

AST SpaceMobile, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $74.68, 116% above the current price; 38% of 13 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 5 analysts (38%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $63.82 to $75.39 (+18%), while ASTS went from $61.44 to $34.50 (−44%). In the past three months targets were raised once and cut twice. 5 upgrades and 5 downgrades over the year; the latest: Scotiabank moved it to Sector Outperform from Sector Perform on Oct 23, 2026.

The day after each of these reports the stock moved +17.0% (Dec 2025, missed); −2.8% (Mar 2026, missed); −0.4% (Jun 2026, missed); +4.2% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.44 a share, against a loss of $0.26 a year earlier, and revenue of $72M, up 32% on a year earlier. For the fiscal year ending Dec 2027, they expect an adjusted loss of $1.28 a share, and revenue of $609M, up 264% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $1.6B exceeds operating cash flow of −$200M, leaving free cash flow of −$1.8B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 16.4, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves ASTS out (on the exchange, not in the app yet): UNICOM Systems, Mirae Asset Global Investments, Norges Bank, Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held ASTS at the end of their latest quarter (for most, Q3 2026). Over that quarter 4 added shares, 3 cut, 3 sold all and 1 held the same. The largest of them is Norges Bank, 3.33M shares worth $296M at Jun 30, 2026, 22.1% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ASTS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $806K and sold $19.5M of ASTS on the open market in the 12 months to Nov 10, 2026. 65% of the sales were made under 10b5-1 plans, set up in advance. The largest was Huiwen Yao (Chief Technology Officer), who sold $12.7M in 4 sales.

From the Form 4s filed with the SEC about AST SpaceMobile, Inc. (69 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 49 other transactions (grants, shares withheld for tax, shares sold to pay tax and other transfers). Also not counted: 3 trades by holders of more than 10% who are neither officers nor directors.