Revenue growth accelerated to 1505.2% YoY in 2026Q2, but gross margin volatility (from 100% to -68.1% in 2025Q4) and SG&A of $63.9M outpacing revenue indicate structural costs remain high.
AST SpaceMobile, Inc. (ASTS) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 115.3M | 70.92M | 4.42M | 0 | 13.82M | 12.4M | 5.97M | 1.41M | 356K |
| Revenue Growth % | 2256.89% | 1505.21% | - | -100% | 11.45% | 107.89% | 321.99% | 297.19% | - |
| Cost of Goods Sold | 131.44M | 33.03M | 0 | 0 | 6.71M | 7.56M | 3.02M | 954K | 163K |
| COGS % of Revenue | - | 46.58% | - | - | 48.56% | 60.97% | 50.7% | 67.47% | 45.79% |
| Gross Profit | -16.14M | 37.89M | 4.42M | 0 | 7.11M | 4.84M | 2.94M | 460K | 193K |
| Gross Margin % | -13.99% | 53.42% | 100% | - | 51.44% | 39.03% | 49.3% | 32.53% | 54.21% |
| Gross Profit Growth % | - | 757.54% | - | -100% | 46.86% | 64.58% | 539.57% | 138.34% | - |
| Operating Expenses | 582.81M | 325.6M | 247.18M | 222.37M | 152.88M | 88.67M | 26.41M | 11.35M | 4.77M |
| OpEx % of Revenue | - | 459.12% | 5594.84% | - | 1105.79% | 714.83% | 442.63% | 802.55% | 1340.17% |
| Selling, General & Admin | 163.61M | 101.68M | 61.57M | 41.6M | 48.33M | 35.64M | 12.32M | 5.4M | 2.46M |
| SG&A % of Revenue | - | 143.38% | 1393.53% | - | 349.6% | 287.27% | 206.47% | 382.18% | 691.29% |
| Research & Development | 70.32M | 28.11M | 122.27M | 126.3M | 99.83M | 53.04M | 14.09M | 5.94M | 2.28M |
| R&D % of Revenue | - | 39.64% | 2767.63% | - | 722.11% | 427.56% | 236.17% | 420.37% | 640.17% |
| Other Operating Expenses | 3M | 195.81M | 63.34M | 54.47M | 4.71M | 0 | 0 | 0 | 0 |
| Operating Income | -598.94M | -287.71M | -242.76M | -222.37M | -145.76M | -83.83M | -23.47M | -10.89M | -4.58M |
| Operating Margin % | -519.47% | -405.7% | -5494.84% | - | -1054.35% | -675.8% | -393.33% | -770.01% | -1286.24% |
| Operating Income Growth % | - | -18.52% | -9.17% | -52.55% | -73.87% | -257.19% | -115.56% | -137.78% | - |
| EBITDA | -532.54M | -236.6M | -179.42M | -167.9M | -141.05M | -80.92M | -22.58M | -10.7M | -4.55M |
| EBITDA Margin % | -461.88% | -333.63% | -4061.16% | - | -1020.27% | -652.32% | -378.46% | -756.72% | -1277.25% |
| EBITDA Growth % | -159.04% | -31.87% | -6.86% | -19.03% | -74.31% | -258.32% | -111.06% | -135.32% | - |
| D&A (Non-Cash Add-back) | 66.4M | 51.11M | 63.34M | 54.47M | 4.71M | 2.91M | 887K | 188K | 32K |
| EBIT | -745.16M | -421.04M | -506.32M | -216.49M | -102.28M | -86.75M | -24.36M | -11.06M | -4.58M |
| Net Interest Income | 34.84M | 13.16M | -4.52M | 2.67M | 2.63M | 0 | 61K | 713.61K | 0 |
| Interest Income | 95.39M | 49.23M | 14.16M | 7.19M | 2.85M | 0 | 71K | 1.2M | 4K |
| Interest Expense | 60.55M | 36.07M | 18.68M | 4.51M | 216K | 0 | 10K | 484.02K | 0 |
| Other Income/Expense | -206.77M | -169.4M | -282.24M | 1.37M | 43.27M | 10.9M | -804K | -209K | 5K |
| Pretax Income | -805.71M | -457.11M | -525M | -221M | -102.5M | -72.93M | -24.27M | -11.1M | -4.57M |
| Pretax Margin % | -698.8% | -644.57% | -11883.25% | - | -741.38% | -587.91% | -406.8% | -784.79% | -1284.83% |
| Income Tax | 5.27M | 3.9M | 1.33M | 1.68M | 617K | 331K | 131K | 44K | 15K |
| Effective Tax Rate % | -0.65% | -0.85% | -0.25% | -0.76% | -0.6% | -0.45% | -0.54% | -0.4% | -0.33% |
| Net Income | -618.76M | -341.94M | -300.08M | -87.56M | -31.64M | -30.55M | -24.06M | -10.88M | -4.44M |
| Net Margin % | -536.66% | -482.16% | -6792.28% | - | -228.86% | -246.3% | -403.23% | -769.8% | -1246.63% |
| Net Income Growth % | -75.33% | -13.95% | -242.71% | -176.74% | -3.56% | -26.98% | -121.05% | -145.27% | - |
| Net Income (Continuing) | -810.98M | -461.01M | -526.33M | -222.68M | -103.11M | -73.26M | -24.41M | -11.14M | -4.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 503.56M | 550.85M | 190.03M | 114.57M | 226.29M | 251.69M | 2.49M | 2.61M | 2.93M |
| EPS (Diluted) | -2.07 | -1.34 | -1.94 | -1.07 | -0.58 | -0.37 | -0.47 | -0.10 | -0.00 |
| EPS Growth % | -14.29% | 30.93% | -81.31% | -84.48% | -56.76% | 21.28% | -370% | - | - |
| EPS (Basic) | - | -1.34 | -1.94 | -1.07 | -0.58 | -0.37 | -0.47 | -0.10 | -0.00 |
| Diluted Shares Outstanding | 299.06M | 255.98M | 154.5M | 81.82M | 54.44M | 51.73M | 51.73M | 28.75M | 25.95B |
| Basic Shares Outstanding | 299.06M | 255.98M | 154.5M | 81.82M | 54.44M | 51.73M | 51.73M | 28.75M | 25.95B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ASTS stock.
For fiscal year 2025, AST SpaceMobile, Inc. (ASTS) reported total revenue of $70.9M. This represents a 19820.8% increase compared to $0.4M in 2018.
AST SpaceMobile, Inc. (ASTS) reported a net loss of $341.9M for the fiscal year ending 2025.
AST SpaceMobile, Inc. (ASTS) reported an operating income of $-287.7M, resulting in an operating profit margin of -405.7%. This margin reflects the operational efficiency of the business before interest and taxes.
AST SpaceMobile, Inc. (ASTS) generated $37.9M in gross profit for the year, representing a gross profit margin of 53.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dilution and timeline slippage
Metrics are mathematically derived from official filings.
Revenue Inflection from NRE to Commercial
ASTS revenue surged 1505.2% YoY to $70.9M TTM, driven by a $31.5M quarter, but the base remains tiny relative to costs, per recent filings.
The 26.3% sequential growth in 2026Q2 suggests early commercialization, yet the absolute revenue is minuscule against the company's cost structure. The jump from $1.2M in 2025Q2 to $31.5M in 2026Q2 indicates a shift from milestone-based NRE to more substantial service contracts, but sustainability hinges on converting MNO agreements into recurring revenue. Investors should monitor whether this growth rate can persist as the constellation scales.
Gross Margin Volatility Masks Structural Costs
Gross margin swung from 100% in early quarters to -68.1% in 2025Q4, reflecting inventory write-downs and launch costs, as reported in financial statements.
The 53.42% TTM gross margin is misleading due to the mix of high-margin government contracts and the negative margin quarter in 2025Q4, which likely included satellite manufacturing costs. As the company transitions to ASIC-based satellites, unit costs should decline, but the current volatility suggests that gross margin is not yet a reliable indicator of steady-state profitability. The 28.9% gross margin in 2026Q2, while positive, is far below the 100% seen in pre-commercial quarters, indicating a shift toward lower-margin service revenue.
Operating Leverage Absent in Pre-Scale Phase
Operating margin improved from -133.1% in 2025Q4 to -9.4% in 2026Q2, but SG&A of $63.9M in 2026Q2 outpaced revenue, per income statement data.
The improvement in operating margin is largely due to a one-time revenue spike, not cost discipline, as SG&A jumped to $63.9M in 2026Q2, up from $26.2M in 2025Q4. This suggests that overhead is scaling faster than revenue, indicating negative operating leverage. The company is still in a heavy investment phase, and operating leverage will only materialize if revenue grows while SG&A growth moderates.
Non-Cash Charges Distort Net Losses
Net losses of $230.9M in 2026Q2 include $63.5M in stock-based compensation, and EPS of -$0.77 reflects warrant revaluation, per recent SEC filings.
The reported net loss is heavily influenced by non-cash items such as SBC and warrant liabilities, which can obscure the underlying cash burn. The 2024Q3 net loss of -$171.9M on revenue of $1.1M suggests significant non-operating charges, likely from warrant revaluation. Investors should adjust for these items to assess the true operational cash consumption, which remains substantial.
R&D and SG&A Escalation Ahead of Revenue
R&D spending averaged $36M per quarter in 2025, while SG&A reached $63.9M in 2026Q2, indicating aggressive investment in satellite development and commercialization.
The cost structure is dominated by R&D for satellite design and SG&A for scaling operations, with R&D peaking at $46.4M in 2025Q3. The spike in SG&A in 2026Q2 suggests increased marketing and administrative costs as the company prepares for commercial launch. Management's expense discipline will be tested as the company balances investment with the need to extend its cash runway.
2025Q4: A Costly Milestone Quarter
2025Q4 marked a turning point with revenue of $54.3M but a gross loss of $37.0M, reflecting the first satellite deployment costs, as per income statement data.
The quarter saw a dramatic revenue jump to $54.3M, likely from NRE contracts, but also a gross loss due to $91.3M in COGS, indicating the expensing of satellite manufacturing. This inflection highlights the lumpy nature of revenue and the high cost of deployment. The subsequent quarter's lower revenue but positive gross margin suggests a return to service-based revenue, but the volatility underscores the pre-commercial stage.
Valuation Ignores Dilution and Cash Burn
Despite a 1505% revenue surge, the company burned $230.9M in net losses in 2026Q2, and with Debt/Equity at 0.94, further dilution appears likely, per balance sheet data.
Short-sellers would argue that the market is pricing in a flawless execution of the BlueBird constellation, ignoring the risk of timeline slippage and the need for continuous capital raises. The extreme negative margins and high cash burn suggest that the company will require additional funding, which could dilute existing shareholders. Moreover, the reliance on a few large contracts for revenue makes the top line vulnerable to lumpiness, and the transition to recurring revenue is unproven.