AST SpaceMobile Inc. reported a third‑quarter 2025 loss of $122.9 million, a widening from the $94.9 million loss in the prior quarter. The company’s GAAP revenue was $14.7 million, falling short of consensus estimates that ranged from $19.9 million to $22.04 million. The shortfall was driven by a mix of lower government‑related revenue and slower gateway equipment sales, which together accounted for $14.7 million of the total revenue. The company’s revenue was split between U.S. government‑related services ($7.0 million) and resale of gateway equipment and services ($7.7 million).
The earnings miss was largely a result of higher operating expenses. Engineering services rose by $74.0 million, gateway delivery costs increased by $12.2 million, and general and administrative expenses grew by $5.5 million. These increases reflect the company’s continued investment in satellite manufacturing, launch logistics, and the expansion of its commercial ecosystem. The higher costs, combined with delays in meeting U.S. government contract milestones, pushed the company’s EPS to –$0.45, missing the consensus estimate of –$0.18 by $0.27. The EPS miss underscores the capital‑intensive nature of the business and the current cost pressures as the company scales its network.
Despite the earnings miss, AST SpaceMobile reaffirmed its second‑half 2025 revenue guidance of $50 million to $75 million, unchanged from the prior guidance. Management highlighted that the company has secured over $1 billion in contracted revenue commitments and has signed definitive agreements with Verizon and stc Group, reinforcing its commercial momentum. CEO Abel Avellan said the company is “making significant progress in deepening the commercial ecosystem” and that “robust demand for our solution across the ecosystem” is driving future revenue growth. CFO Andrew Johnson noted that the company’s pro‑forma cash and liquidity stood at more than $3.2 billion as of September 30, 2025, providing a strong financial cushion for continued investment.
The BlueBird Block 2 satellite program is progressing with multiple launches scheduled through 2025 and 2026. The first Block 2 satellite is expected to launch in July 2025, with subsequent satellites slated for later in the year and into early 2026. This staggered launch schedule reflects the company’s strategy to build out its constellation incrementally while managing launch costs and supply‑chain constraints. The company’s focus on satellite manufacturing and launch partnerships positions it to meet the growing demand for space‑based cellular broadband, competing with players such as Starlink and Globalstar.
AST SpaceMobile’s results illustrate the trade‑off between heavy upfront investment and long‑term revenue potential. While the company’s operating expenses have risen sharply, the revenue growth from $1.1 million in Q3 2024 to $14.7 million in Q3 2025 signals a strong acceleration in demand. The company’s guidance and cash position suggest confidence in its ability to weather short‑term cost pressures while continuing to expand its commercial network.
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