AST SpaceMobile Posts $70.9 Million in 2025 Revenue
Eyes Broader Commercial Service in 2026
AST SpaceMobile Inc. reported $70.9 million in revenue for full year 2025, marking the company’s first year as a revenue-generating business as it accelerates its campaign to deploy a space-based direct-to-device cellular broadband network.
“For the first time in 2025, AST SpaceMobile became a revenue generating business and it significantly advanced all key aspects of our operations.”
Abel Avellan, AST SpaceMobile
The Midland, Texas-based company said fourth-quarter revenue reached $54.3 million, driven primarily by gateway deliveries and milestone payments under U.S. Government contracts. Product revenue was underpinned by delivery of 15 gateways across five continents, while service revenue was generated across multiple contracts with the federal government.
“For the first time in 2025, AST SpaceMobile became a revenue generating business and it significantly advanced all key aspects of our operations including commercial, government, manufacturing, spectrum rights, IP portfolio, and capital position,” commented Abel Avellan, AST SpaceMobile’s Chairman and Chief Executive Officer. “In 2026, we expect to scale our space-based direct-to-device network from initial commercial activation toward the start of broader commercial service.”
The company secured more than $1.2 billion in aggregate contracted revenue commitments from commercial partners, including a $175 million prepayment from stc Group as part of a 10-year regional commercial agreement. AST SpaceMobile also expanded partnerships with Orange, Telefonica, CK Hutchison, Taiwan Mobile, Sunrise and Vodafone.
On the government side, the company was awarded a $30 million prime contract by the Space Development Agency for its HALO Europa Track 2 commercial solutions program and secured a prime contract position on the U.S. Missile Defense Agency’s SHIELD Program.
AST SpaceMobile completed the unfolding of BlueBird 6, which the company described as the largest commercial communications array antenna ever deployed in low Earth orbit. The satellite is expected to greatly exceed 120 Mbps peak data speeds. BlueBird 7 was encapsulated at Cape Canaveral in February and is expected to launch in March, with additional launches planned every one to two months on average. The company is targeting 45 to 60 satellites in orbit by the end of 2026.
Satellites BlueBird 8 through BlueBird 29 are in various stages of production, with assembly of the equivalent of 40 satellites expected to be completed in the first half of 2026. AST SpaceMobile acquired a fourth manufacturing site in Midland, Texas, bringing total global production space to more than 500,000 square feet.
The company reported a robust balance sheet, with more than $3.9 billion in cash, cash equivalents, restricted cash and liquidity as of Dec. 31, 2025, pro forma for subsequent financing activity. In February 2026, AST SpaceMobile raised $1.075 billion through a 10-year convertible senior notes offering at a 2.250% coupon with an effective conversion price of $116.30 per share of Class A common stock.
Total operating expenses for the fourth quarter were $126.6 million, including $30.9 million in depreciation, amortization and stock-based compensation expense, compared to $94.4 million in the third quarter of 2025.