AST SpaceMobile Q2 2026: $31.5M Revenue, $1.30B Backlog, and $3.7B Pro Forma Cash

summarizeSummary

AST SpaceMobile posted Q2 revenue of $31.5M, a $1.30B backlog, and over $3.7B in pro forma cash. The company is fully funded to deploy 45 satellites by early 2027 and is on track for 2026 revenue guidance of $150–200M.

check_boxKey Events · Earnings and Guidance · ASTS

• Q2 Revenue and Backlog Surge

  Revenue for Q2 2026 reached $31.5 million, fueled by gateway deliveries and U.S. government milestones. The contracted revenue backlog grew to approximately $1.30 billion, up from prior levels, reflecting new commercial and government awards.

• Fortified Balance Sheet with $3.7B Pro Forma Cash

  As of June 30, 2026, cash, cash equivalents, and restricted cash stood at $2.7 billion. Pro forma for the July 2026 $1.15 billion convertible notes offering (1.625% coupon, $149.20 conversion price), liquidity exceeds $3.7 billion, fully funding the satellite buildout.

• Convertible Notes Offering at Premium

  In July 2026, AST raised $1.15 billion in gross proceeds via convertible senior notes due 2034. The effective conversion price of $149.20 per share represents a significant premium to the current stock price, with effective dilution of less than 2%.

• Satellite Production Scaling to 45 by Early 2027

  BlueBird 17 through BlueBird 46 are in various stages of production and assembly. The company targets approximately 45 satellites in orbit by early 2027, with Block 2 satellites expected to deliver peak data rates approaching 200 Mbps.

auto_awesomeAnalysis · ASTS · Technology

The Q2 2026 report from AST SpaceMobile pairs financial results with a broad business update. Revenue of $31.5 million keeps the company on pace for its full-year target of $150–200 million, while the contracted revenue backlog has climbed to $1.30 billion. A $1.15 billion convertible notes offering in July—priced at a $149.20 conversion premium and implying minimal dilution—pushes pro forma cash above $3.7 billion, fortifying the balance sheet. Operating losses remain substantial, with a net loss of $230.9 million, as the satellite constellation scales, but the cash runway fully funds the planned 45-satellite deployment by early 2027. The update also highlights a potential $1 billion non-dilutive Japanese government contract and progress toward beta service this year. Against a backdrop of heavy insider selling and a recent launch failure, this filing underscores both the enormous capital appetite and the growing commercial validation of AST's direct-to-device network.