AST SpaceMobile, Inc.ASTS
NasdaqGS•Technology•Communication Equipment
AST SpaceMobile, Inc., together with its subsidiaries, designs and develops the constellation of BlueBird satellites in the United States. The company provides a cellular broadband network in space to be accessible directly by smartphones for commercial use and other applications, as well as for government use. Its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage. The company was founded in 2017 and is headquartered in Midland, Texas.
AST SpaceMobile, Inc. (ASTS) reported trailing twelve months revenue of $84.94M as of March 2026, a 1732.1% increase year-over-year. Quarterly revenue reached $14.73M, reflecting continued top-line momentum.
AST SpaceMobile, Inc. reported a TTM net loss of $646.96M, with quarterly EBITDA of $-131.80M. The operating margin expanded from -8769.2% to -1014.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-1014.0%) and net margin (-1693.8%) indicates significant non-operating expenses or interest burden. Net margin has improved from -8861.8% a year ago, signaling stronger bottom-line efficiency.
ASTS trades at a P/S of 252.6x. The price-to-book ratio of 8.1x indicates a significant premium over book value.
The company reported negative free cash flow of $-309.66M, indicating cash consumption over the period. The balance sheet shows $6.05B in total assets with $2.96B in long-term debt against $2.66B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -4096.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~5966.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 84.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation