NEW YORK, August 11, 2026, 11:17 EDT
- Shares of AST SpaceMobile gained 1.3% to $69.63 in late-morning trading.
- Second-quarter revenue totaled $31.5 million, falling short of the $33.86 million consensus estimate.
- Contracted backlog rose to approximately $1.30 billion, with 2026 guidance remaining at $150 million to $200 million.
- The company requires between $103.7 million and $153.7 million in revenue during the second half to meet that target range.
Shares of AST SpaceMobile, Inc. NASDAQ:ASTS climbed on Tuesday as the satellite company maintained its sales guidance for 2026. The firm, however, posted a wider loss and missed revenue estimates for the quarter.
The stock rose 1.3% to $69.63 as of 10:58 EDT, lifting the company’s market capitalization to approximately $27.25 billion. Its contracted backlog accounts for just around 4.8% of that amount.
The main challenge for investors is that gap. AST has secured significant demand and financing. Its valuation continues to depend on beta service transitioning to steady commercial income.
| 2026 revenue bridge | Amount | Investor read-through |
|---|---|---|
| Revenue in first half | $46.3 million | 31% of the lower end of guidance |
| Revenue needed in second half for $150 million | $103.7 million | 2.24 times that of the first half |
| Revenue needed in second half for $200 million | $153.7 million | 3.32 times what was earned in the first half |
| Backlog under contract | About $1.30 billion | 7.4 times the midpoint of the outlook range |
The bridge relies on reported first-half revenue of $46.255 million and the same guidance from management. It illustrates the execution needed before year-end. Full details on backlog timing were not provided.
Revenue for the second quarter climbed to $31.52 million, up from $1.16 million in the same period last year. Gateway deliveries generated $24.43 million, while services added $7.09 million.
Revenue was 6.9% under the $33.86 million figure forecast by the market. Shares edged higher, indicating investors largely shrugged off the revenue miss.
Chief Executive Abel Avellan stated the network now comprises 13 spacecraft. He continued: “As we get ready to ship BlueBirds 14, 15, and 16 and continue expanding our constellation with production ongoing through BlueBird 46, we are preparing to initiate beta services with select strategic partners.” Company release
| Deployment measure | Current position | Next step |
|---|---|---|
| Spacecraft in orbit | 13 | Prepare shipment for BlueBirds 14–16 |
| Combined deployed aperture | About 20,000 square feet | Increase capacity of constellation |
| U.S. digital cells activated | 3,000 | Launch partner beta service |
| BlueBird production | Units 17–46 ongoing | Facilitate subsequent launches |
AST deployed six satellites over a 50-day span. According to the company, Block 2 models are expected to deliver peak speeds close to 200 Mbps, while Block 1 tests achieved speeds nearing 100 Mbps. These figures reflect technical objectives rather than income from customers.
The commercial network is extensive. According to AST, over 60 mobile operators serve upwards of three billion subscribers. Close to 50 gateways are either finished, being installed, or are in the planning phase.
| Financial capacity | June 30, 2026 | Comparison |
|---|---|---|
| Cash and restricted cash | $2.72 billion | $2.78 billion as of end-2025 |
| Pro forma cash and restricted cash | Over $3.7 billion | Reflects July financing |
| Total debt | $2.97 billion | $2.22 billion as of end-2025 |
| Net property and equipment | $2.07 billion | $1.40 billion as of end-2025 |
| Q2 net loss to common holders | $230.9 million | $99.4 million in previous year |
The reported cash figure does not reflect the impact of July’s $1.15 billion convertible note issuance. These notes have a coupon rate of 1.625%. According to the company, capped-call transactions raise the effective conversion price to $149.20.
The higher quarterly loss requires some explanation. An involuntary-conversion charge of $125.9 million accounted for most of the rise. Adjusted operating expenses, not including adjusted cost of revenue, totaled $95.9 million, up from $79.8 million in the previous quarter.
The loss reported amounted to 77 cents per Class A share, versus 41 cents in the prior year. The Wall Street Journal separately verified both the increased loss and the maintained outlook.
| Analyst | Firm | Recommendation | Price target | Date |
|---|---|---|---|---|
| Chris Schoell | UBS | Hold | $78 | Aug. 11 |
| Scott Searle | Roth MKM | Buy | $108 | Aug. 11 |
| Colin Canfield | Cantor Fitzgerald | Buy | $90 | Aug. 10 |
| Alexander Potter | Piper Sandler | Buy | $98 | Aug. 11 |
| Michael Funk | Bank of America | Hold | $80 | Aug. 11 |
According to Google Finance, analysts have issued five Buy ratings, five Hold recommendations, and one Sell rating. The consensus price target stands at $87.08, representing a potential 25% increase from $69.63. Price targets span from a low of $50.80 to a high of $115.
Risks are elevated. Delays in launches, satellite malfunctions and pending regulatory approvals could postpone service rollouts. The backlog might take time to convert. Additional debt or equity funding could result in shareholder dilution.
The upcoming operational decision holds significance. While delivering BlueBirds 14–16 is important, starting beta service takes precedence. Investors seek proof that 3,000 digital cells are capable of generating a second-half revenue run-rate exceeding $50 million per quarter.
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