AST SpaceMobile (ASTS) Stock Rises After Q4 Revenue Beat and $4B Liquidity Update

TLDR

• AST SpaceMobile posted Q4 revenue of $54.3M, beating Wall Street’s $42M estimate
• Net loss came in at $74M, wider than the expected $67M
• Full-year 2025 revenue hit $70.9M, with $1.2B in contracted revenue commitments secured
• The company ended the period with nearly $4B in total liquidity, including $2.8B in cash
• ASTS stock climbed almost 10% on the day, building on a 192% gain over the past 12 months

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AST SpaceMobile (ASTS) stock jumped almost 10% on Monday after the company reported Q4 revenue that came in well ahead of Wall Street expectations.

The company posted Q4 revenue of $54.3 million. Analysts had expected $42 million. A year earlier, AST generated just $2 million in revenue for the same period.

The net loss for the quarter was $74 million, wider than the $67 million analysts had forecast. But investors looked past that — revenue was the number that mattered.

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For the full year 2025, AST reported revenue of $70.9 million. The company also announced it had secured over $1.2 billion in aggregate contracted revenue commitments from partners.

Revenue came from two main sources: delivery of 15 gateways across five continents to mobile network operator partners, and service contracts with the U.S. Government.

ASTS closed the regular session at around $90, up nearly 10%. After hours it edged slightly lower to $86.92. The stock has now gained 192% over the past 12 months.

CEO Abel Avellan said 2025 was the first year AST became a revenue-generating business. He added that 2026 will focus on scaling its space-based direct-to-device network from initial commercial activation toward broader service.

Satellite Network Expansion

The company completed the unfolding of BlueBird 6, described as the largest commercial communications array antenna deployed in low Earth orbit. It is expected to exceed 120 Mbps peak data speeds.

BlueBird 7 was encapsulated at Cape Canaveral in February, with a planned launch in March. AST expects to launch additional satellites every one to two months on average.

The target is 45 to 60 satellites in orbit by end of 2026. BlueBird satellites 8 through 29 are in various stages of production, with 40 satellite equivalents expected to be assembled in the first half of 2026.

Contracts and Partnerships

On the commercial side, AST received a $175 million prepayment from stc Group as part of a 10-year regional agreement. The company also expanded partnerships with Orange, Telefonica, CK Hutchison, Taiwan Mobile, and Sunrise.

On the government side, the U.S. Space Development Agency awarded AST a $30 million prime contract for the HALO Europa Track 2 program. The company also received a prime contract position on the U.S. Missile Defense Agency SHIELD Program.

Total Q4 operating expenses came in at $126.6 million, up $32.2 million from Q3 2025.

As of December 31, 2025, the company held $2.8 billion in cash and equivalents. In February 2026, it raised an additional $1.075 billion through a convertible senior notes offering at a 2.250% coupon and conversion price of $116.30 per share.

Total liquidity now stands at nearly $4 billion. Wall Street projects cumulative cash use of around $1.2 billion across 2026 and 2027, with free cash flow expected to turn positive in 2028.

Wall Street currently forecasts 2026 sales of around $227 million. By 2028, analysts estimate sales could reach $1.9 billion, with positive earnings expected that year.

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