AST SpaceMobile shares fell around 4% after the company reported second-quarter results that missed analyst expectations on both revenue and earnings. The headline loss was $0.77 per share, far below the consensus of about $0.29, while revenue of $31.52 million came in roughly 8% short of the $35 million forecast. The stock dropped from near $74 toward $68 in reaction.
The miss was primarily driven by a one-time, non-cash accounting event. More than half of the $230.9 million net loss stemmed from a $125.9 million non-cash charge related to an "involuntary conversion" after the loss of a BlueBird satellite in the BB7 launch incident. Stock-based compensation added another $63.5 million. Excluding these items, the operational loss was a fraction of the reported figure, highlighting continued business momentum rather than deterioration.
Year-over-year, revenue surged 2,617% from $1.16 million to $31.5 million, more than doubling the prior quarter’s $15.8 million. Despite the headline miss, the company raised $1.15 billion through a convertible notes offering in July, pushing pro forma liquidity above $3.7 billion. This war chest enables aggressive spending: capex jumped to $610 million in the quarter, funding the ramp-up of satellite production.
Operationally, AST now has 13 satellites in orbit, with BlueBirds 14–16 ready for shipping and production ongoing through BlueBird 46. The company is preparing to launch beta services with strategic partners, targeting roughly 45 satellites by early 2027 for full commercial activation. Backlog grew to approximately $1.30 billion, supported by government contracts. Full-year 2026 revenue guidance was reaffirmed at $150 million to $200 million.
The earnings report landed into a volatile space sector that had recently rebounded from a sell-off tied to SpaceX’s IPO. ASTS had rallied nearly 18% in the week before results, raising the bar for a positive reaction. Wall Street maintains a Moderate Buy consensus with an average price target of $88.87, implying roughly 29% upside from the pre-market drop to $66.82.
