Operational cash flow remains challenged, evidenced by a 2026Q1 OCF/NI ratio of 0.25 and a substantial $261.6 million quarterly capital expenditure requirement.
| Cash from Operations | -91.03M | -71.52M | -126.14M | -148.94M | -156.46M | -80.09M | -22.81M | -904.97K | -5.35M |
| Operating CF Margin % | - | -100.84% | -2855.21% | - | -1131.75% | -645.67% | -382.22% | -64% | -1502.81% |
| Operating CF Growth % | -1.92% | 43.3% | 15.31% | 4.81% | -95.35% | -251.19% | -2420.2% | 83.08% | - |
| Net Income | -487.25M | -461.01M | -526.33M | -222.68M | -103.11M | -73.26M | -24.41M | -2.88M | -4.44M |
| Depreciation & Amortization | 60.09M | 51.11M | 63.34M | 54.47M | 4.71M | 2.91M | 887K | 188K | 32K |
| Stock-Based Compensation | 95.02M | 47.49M | 32.04M | 13.29M | 9.39M | 3.74M | 283K | 132K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.61K | 0 |
| Other Non-Cash Items | 197.2M | 181.2M | 283.02M | -7.72M | -43.02M | -15.19M | 219K | 1.84M | 388K |
| Working Capital Changes | 104.11M | 109.69M | 21.78M | 13.7M | -24.43M | 1.71M | 209K | 134.6K | -1.33M |
| Change in Receivables | -26.05M | -36.33M | 0 | -149K | 16.45M | -220K | -1.57M | 118K | -382K |
| Change in Inventory | -15.69M | -10.95M | 0 | 0 | -2.46M | 1.04M | -2.24M | -148K | 0 |
| Change in Payables | 58.53M | 32.25M | -6.26M | 0 | 0 | 0 | 0 | 240.14M | 0 |
| Cash from Investing | -1.8B | -1.54B | -174.13M | -118.81M | -31.35M | -54.79M | -30.4M | -230M | -1.47M |
| Capital Expenditures | -1.21B | -1.06B | -174.13M | -118.81M | -57.28M | -54.79M | -30.38M | -3.65M | -254K |
| CapEx % of Revenue | 1419.77% | 1501.37% | 3941.31% | - | 414.35% | 441.69% | 509.15% | 258.42% | 71.35% |
| Acquisitions | 0 | 0 | 0 | 0 | 25.93M | 0 | 0 | 0 | -1.21M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -594.06M | -476.4M | 0 | 0 | 0 | 0 | -23K | 3.65M | 0 |
| Cash from Financing | 4.48B | 3.83B | 779.97M | 116.73M | 102.34M | 416.94M | 69.66M | 231.4M | 13.76M |
| Debt Issued (Net) | 4.04B | 2.6B | 96.25M | 63.26M | 230K | 49K | -1.65M | 0 | 0 |
| Equity Issued (Net) | -436.83M | 1.26B | 551.95M | 64.64M | 104.77M | 0 | 79.83M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -855.46M | 0 | 0 | 0 | 0 | 0 | 0 | 6.1M | 0 |
| Other Financing | 869.44M | -34.02M | 131.77M | -11.16M | -2.66M | 416.89M | -8.52M | 231.4M | 13.76M |
| Net Change in Cash | 2.58B | 2.21B | 479.44M | -151.16M | -85.28M | 281.76M | 16.28M | -6.63M | 7.03M |
| Free Cash Flow | -1.3B | -1.14B | -300.27M | -267.75M | -213.75M | -134.89M | -53.21M | -4.56M | -5.6M |
| FCF Margin % | -1526.95% | -1602.21% | -6796.51% | - | -1546.1% | -1087.36% | -891.75% | -322.42% | -1574.16% |
| FCF Growth % | -258.68% | -278.41% | -12.15% | -25.26% | -58.46% | -153.49% | -1067.17% | 18.65% | - |
| FCF per Share | -4.46 | -4.44 | -1.94 | -3.27 | -3.93 | -2.61 | -1.03 | -0.16 | -0.00 |
| FCF Conversion (FCF/Net Income) | 2.66x | 0.21x | 0.42x | 1.70x | 4.95x | 2.62x | 0.95x | 0.08x | 1.21x |
| Interest Paid | 328K | 0 | 11.99M | 3.24M | 224K | 13K | 25K | 0 | 0 |
| Taxes Paid | 623K | 0 | 1.67M | 492K | 684K | 186K | 134K | 0 | 0 |
Satellite deployment and launch
As reported in recent financial statements, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of 0.25 in 2026Q1, suggests that reported earnings are significantly impacted by non-cash adjustments and accruals rather than actual cash-generating operational performance.
The divergence between net income and operating cash flow indicates that the company's accounting results are heavily influenced by non-cash items, such as stock-based compensation and depreciation. Investors should monitor whether this gap narrows as the company transitions from R&D-heavy development to commercial service delivery.
Based on the provided cash flow data, ASTS continues to experience a severe free cash flow deficit, with a quarterly burn of $309.7 million in 2026Q1, underscoring the massive capital requirements necessary to sustain the ongoing deployment of the company's satellite constellation infrastructure.
The consistent negative FCF margins reflect the company's pre-revenue status regarding its core broadband service. This trajectory suggests that the firm remains entirely dependent on external financing or strategic partnerships to fund its capital-intensive growth phase until operational density is achieved.
According to recent SEC filings, the company's capital expenditures reached $261.6 million in 2026Q1, representing a capital intensity of 17.8% relative to revenue, which highlights the heavy reliance on physical asset investment to build out the proprietary phased-array antenna network.
The high level of CAPEX relative to revenue confirms that the business is in a capital-intensive build-out phase rather than a maintenance cycle. This spending pattern warrants further investigation into the efficiency of satellite fabrication costs and the potential for future scale to reduce these unit expenditures.
As indicated by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $105.1 million inflow in 2025Q4 to a $27.3 million inflow in 2026Q1, which appears to correlate with the timing of milestone-based payments from strategic partners.
The fluctuations in working capital suggest that the company's cash position is sensitive to the timing of contract-related receipts. This volatility may indicate that cash flow management is currently secondary to the operational necessity of meeting technical development milestones.
Quick answers to the most common questions about buying ASTS stock.
AST SpaceMobile, Inc. (ASTS) generated $-71.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AST SpaceMobile, Inc. (ASTS) reported negative free cash flow of $1.14B in 2025, indicating capital requirements exceeded cash from operations.
AST SpaceMobile, Inc. (ASTS) spent $1.06B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.