AST SpaceMobile, Inc.

Q2 2026 revenue was $31.5 million, more than doubling Q1 revenue and increasing year over year, according to management. Non-GAAP adjusted operating expenses were $119.1 million versus $91.2 million in Q1, and adjusted operating expenses excluding adjusted cost of revenues were $95.9 million versus $79.8 million. Capital expenditures were approximately $610 million versus approximately $257 million in Q1, and management said this was just below the midpoint of prior guidance. For 2026, AST reiterated revenue guidance of $150 million to $200 million, expects adjusted OpEx excluding adjusted cost of revenues to average about $100 million per quarter, or $400 million for the year, and guided Q3 CapEx to approximately $350 million to $425 million. The company also said it executed a $1.15 billion convertible note offering in July, with a 1.625% coupon and a capped call that lifts the effective conversion price to $149.20 per share; pro forma cash, cash equivalents and restricted cash were over $3.7 billion as of June 30, 2026.

Abel Avellan framed the quarter as validation of AST’s thesis that it has a differentiated, category-creating platform for direct-to-device cellular broadband. He emphasized a partner-first model with MNOs, spectrum control as a core competitive advantage, and the ability to extend the business into government, radar, emergency response, IoT, and AI edge compute. His tone was highly confident and expansive, repeatedly describing the company as uniquely positioned to scale globally and capture new applications.

Andrew Johnson focused on execution, spending, and liquidity. He said Q2 revenue was consistent with internal plans, adjusted OpEx excluding adjusted cost of revenues was $95.9 million near the high end of prior guidance, and CapEx of about $610 million was driven mainly by launch payments plus capitalized satellite materials and labor. He reiterated that 2026 revenue should land between $150 million and $200 million, that Q3 adjusted OpEx excluding adjusted cost of revenues should rise to $105 million to $115 million, and that Q3 CapEx should be $350 million to $425 million. He also highlighted the $1.15 billion convertible deal, the 1.625% coupon, the capped call at $149.20, and pro forma cash of over $3.7 billion.

Analysts pressed on timing and scale of government revenue, and management said the recent awards are still early phases but should scale into a recurring multibillion-dollar annual opportunity starting in 2027. They also asked about the Rakuten/J-LEO opportunity, and management said AST won out because it is the only platform already delivering broadband capability, can keep data and control on the ground, and has a long-standing partnership with Rakuten. Other questions focused on launches, satellite cost, spectrum, beta timing, and the U.S. MNO joint venture; management said 10 launches are booked, cost per satellite remains $21 million to $23 million, beta readiness is targeted for later 2026, and existing AT&T/Verizon agreements are not affected by the JV. Management also said commercial service could begin with about 45 satellites and that about 25 satellites would imply roughly half-day overhead coverage.