AST SpaceMobile (ASTS) Q3 2025 Financial Results Summary
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AST SpaceMobile, Inc. (ASTS) Q3 2025 Financial Results Summary
Release Date: November 10, 2025
AST SpaceMobile, Inc. (“AST SpaceMobile”) announced its third-quarter financial results for the period ending September 30, 2025, reporting substantial progress and milestones in its operations. Below is the summary of key points from the press release:
Business Update
- Contractual Gains:
- Signed definitive commercial agreements with prominent partners including:
- Verizon: Expands coverage in the continental U.S.
- stc Group: 10-year agreement for $175 million in Saudi Arabia and other Middle Eastern markets.
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Secured over $1.0 billion in aggregate contracted revenue commitments, reflecting strong demand for services.
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Government Contracts:
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Awarded a new contract as a prime contractor for U.S. Government services, pending contract negotiations.
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Network Activation:
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Initial service activations are underway across the continental U.S., with plans to expand into Canada, Japan, Saudi Arabia, and the United Kingdom in early 2026.
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International Plans:
- Announced partnership with Vodafone for a new constellation serving mobile network operators across Europe.
Financial Performance
- Revenue:
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Q3 2025 revenue amounted to $14.7 million, significantly up from $1.1 million in Q3 2024, representing a 1,236% increase year-over-year.
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Operating Expenses:
- Total operating expenses for Q3 2025 reached $94.4 million, an increase of $27.8 million over Q2 2025 expenses of $66.6 million.
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Breakdown of operating expenses:
- $40.8 million in engineering services costs (previously $21.8 million).
- $29.8 million in general and administrative costs (up from $15.6 million).
- $5.5 million in research and development costs (decreased from $14.7 million).
- $12.7 million in depreciation and amortization (from $14.5 million).
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Net Loss:
- Net loss attributable to common stockholders was $122.9 million, a reduction compared to $171.9 million in Q3 2024, reflecting a decrease in losses of 28.5% year-over-year.
- Basic and diluted net loss per share for Q3 2025 was $0.45, improving from $1.10 in Q3 2024, down 59%.
Cash and Liquidity
- Balance Sheet:
- Cash, cash equivalents, and restricted cash totaled $1.2 billion as of September 30, 2025.
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Pro forma cash, liquidity, and restricted cash are over $3.2 billion, bolstered by proceeds from a convertible senior notes offering.
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Convertible Notes Offering:
- Raised $1.15 billion in gross proceeds from a 10-year convertible senior notes offering at a 2.00% coupon.
Outlook
- The company reiterated its revenue guidance for H2 2025 at $50 million to $75 million.
- Five orbital launches anticipated by Q1 2026, with ongoing production of additional satellites.
Shareholder Information
- As of September 30, 2025, AST SpaceMobile had 271.98 million shares issued and outstanding, reflecting substantial growth from 208.17 million shares at the end of 2024.
Dividend and Share Repurchase
- No quarterly dividend was declared.
- The company has actively engaged in share repurchase of convertible notes amounting to $842.8 million in the third quarter.
Summary
AST SpaceMobile has shown substantial growth in operations and financial performance in Q3 2025, fueled by significant contracts and a strong liquidity position. The company is steadily working towards its objective to provide space-based broadband services while effectively managing its financial resources.
| For The Three Months | For The Nine Months | |
|---|---|---|
| Ended September 30, 2025 | Ended September 30, 2025 | |
| Revenues | $14,739 | $16,613 |
| Operating expenses: | ||
| Cost of revenues (exclusive of items shown below) | $5,511 | $5,803 |
| Engineering services costs | $40,836 | $96,346 |
| General and administrative costs | $29,822 | $75,448 |
| Research and development costs | $5,530 | $19,058 |
| Depreciation and amortization | $12,716 | $35,394 |
| Total operating expenses | $94,415 | $232,049 |
| Other (expense) income: | ||
| Gain (loss) on remeasurement of warrant liabilities | $2,938 | $-65,300 |
| Interest expense | $-7,545 | $-17,938 |
| Interest income | $12,239 | $28,452 |
| Other (expense) income, net | $-91,409 | $-91,852 |
| Total other (expense) income, net | $-83,777 | $-146,638 |
| Loss before income tax expense | $-163,453 | $-362,074 |
| Income tax expense | $-374 | $-1,284 |
| Net loss before allocation to noncontrolling interest | $-163,827 | $-363,358 |
| Net loss attributable to noncontrolling interest | $-40,953 | $-95,384 |
| Net loss attributable to common stockholders | $-122,874 | $-267,974 |
| Net loss per share attributable to holders of Class A Common Stock | $-0.45 | $-1.09 |
| Weighted-average number of shares | 272,831,168 | 246,490,060 |
| Basic and diluted |
| As of September 30, 2025 | As of December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $1,204,282 | $564,988 |
| Restricted cash | $15,841 | $2,546 |
| Accounts receivable, net | $11,491 | $1,400 |
| Inventory | $10,885 | $1,062 |
| Prepaid expenses | $9,267 | $7,887 |
| Other current assets | $25,237 | $22,363 |
| Total current assets | $1,277,003 | $600,246 |
| Non-current assets: | ||
| Property and equipment, net | $1,007,844 | $337,669 |
| Intangible assets, net | $213,766 | $- |
| Operating lease right-of-use assets, net | $15,482 | $14,014 |
| Other non-current assets | $36,807 | $2,632 |
| TOTAL ASSETS | $2,550,902 | $954,561 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $50,707 | $17,004 |
| Accrued expenses and other current liabilities | $48,717 | $12,195 |
| Current contract liabilities | $23,067 | $41,968 |
| Current operating lease liabilities | $2,137 | $1,856 |
| Current portion of long-term debt | $8,947 | $2,919 |
| Total current liabilities | $133,575 | $75,942 |
| Non-current liabilities: | ||
| Warrant liabilities | $4,616 | $41,248 |
| Non-current operating lease liabilities | $13,771 | $12,652 |
| Non-current contract liabilities | $43,497 | $- |
| Long-term debt, net | $697,628 | $155,573 |
| Other non-current liabilities | $31,797 | $- |
| Total liabilities | $924,884 | $285,415 |
| Commitments and contingencies | ||
| Stockholders’ Equity: | ||
| Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 271,981,894 and 208,173,198 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | $26 | $20 |
| Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 11,227,292 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | $4 | $4 |
| Class C Common Stock, $.0001 par value; 125,000,000 shares authorized; 78,163,078 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively. | $8 | $8 |
| Additional paid-in capital | $1,996,974 | $969,004 |
| Accumulated other comprehensive income (loss) | $1,174 | $-176 |
| Accumulated deficit | $-757,719 | $-489,745 |
| Noncontrolling interest | $385,551 | $190,031 |
| Total stockholders’ equity | $1,626,018 | $669,146 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $2,550,902 | $954,561 |