AST SpaceMobile

AST SpaceMobile makes a global cellular network that works from space. It connects standard mobile phones to high-speed internet in areas without signal. This helps people stay connected at sea, in flight, or on land.

What AST SpaceMobile Offers

• SpaceMobile Service: Mobile broadband network designed to provide connectivity to standard, off-the-shelf smartphones directly from satellites.
• Government Applications: High-power satellite technology used for non-communication and communication tasks for the U.S. government.
• Network Equipment: Ground station gateway hardware and software sold to mobile network operators to manage satellite traffic.

Growth and Expansion

• Launched the BlueWalker 3 test satellite in September 2022 to validate space-based cellular architecture.
• Entered a definitive agreement with AT&T to provide space-based wireless connectivity to users in the United States.
• Announced a 10-year commercial agreement with Saudi Telecom Company in October 2025 for regional satellite mobile connectivity.
• Acquired an entity in September 2025 that holds international priority rights for mobile satellite frequencies.
• Signed a definitive commercial agreement with Verizon in October 2025 to offer satellite services to its customers.

How the Company Stands Out

The company holds an expansive portfolio of approximately 3,850 patent and patent-pending claims to support its space-to-ground technology. It controls the manufacturing process for roughly 95% of its satellite sub-systems to lower costs and secure its supply chain.

The Financial Scorecard

• Revenue was $54.3 million in Q4 2025, up from $1.9 million in Q4 2024.
• Net income was a loss of $74 million in Q4 2025, down 106% from the prior year.
• Operating cash flow reached $65 million in Q4 2025, up 328% from Q4 2024.
• Market capitalization reached $25.3 billion in Q4 2025, up 342% year-over-year.
• Free cash flow was negative $330.7 million in Q4 2025, down 199% from Q4 2024.

Bottom Line

AST SpaceMobile is transitioning from a research and development phase to a commercial satellite operator. Its focus on vertical manufacturing and strategic partnerships with global mobile operators underpins its effort to eliminate cellular dead zones.