AST SpaceMobile (ASTS) Stock Drops 11% After Q1 Revenue Comes in Far Below Estimates

TLDR

• AST SpaceMobile reported a Q1 loss of 66 cents per share on $14.7 million in sales, missing estimates of a 23-cent loss on $39 million in revenue.
• The company maintained its full-year 2026 revenue guidance of $150 million–$200 million.
• ASTS stock dropped roughly 11% in premarket trading Tuesday to around $73.10.
• AST ended Q1 with ~$3.5 billion in cash and over $1.2 billion in contracted revenue commitments.
• Wall Street expects profitability in 2028, when annual sales are projected to reach $1.6 billion.

AST SpaceMobile (ASTS) stock fell roughly 11% in premarket trading Tuesday to around $73.10, after the company posted first-quarter results that came in well below expectations.

AST SpaceMobile, Inc., ASTS

The company reported a loss of 66 cents per share on revenue of $14.7 million. Wall Street had expected a loss of just 23 cents per share on $39 million in revenue. A year earlier, AST posted a loss of 20 cents per share on sales of just $718,000.

The Q1 miss is hard to ignore. Revenue came in at less than half of what analysts were looking for.

But the company didn’t cut its outlook. AST maintained full-year 2026 revenue guidance of between $150 million and $200 million. The Wall Street consensus sits at $177 million for the year.

That guidance hold gave investors something to hold onto after an otherwise disappointing print.

It’s worth noting that ASTS had gained 10% during regular trading on Monday ahead of the report, and was up 220% over the prior 12 months. Expectations were running hot.

Building the Network

AST is building a space-based cellular broadband network that lets standard smartphones connect directly to satellites — no special hardware needed.

The company achieved a peak data speed of 98.9 megabits per second using its in-orbit Block 1 satellites. It has also received FCC authorization to operate its Bluebird constellation commercially in the US.

AST plans to have 45 satellites in orbit by the end of 2026. It has over half a million square feet of manufacturing space globally to support production.

Contracted revenue commitments from commercial partners exceeded $1.2 billion as of March. An updated backlog figure was not included in the earnings release.

One setback: the company lost its Bluebird 7 satellite due to an upper stage anomaly during launch — a reminder of the risks involved in satellite deployment.

The Path to Profitability

Wall Street doesn’t expect AST to turn a profit until 2028, when annual sales are projected to hit $1.6 billion.

The company ended Q1 with approximately $3.5 billion in cash. Analysts project cash usage of around $1.6 billion in 2026 and $800 million in 2027, before free cash flow turns positive in 2028.

Capital expenditure is set to rise sharply in Q2, with the company guiding for $575 million to $650 million — largely driven by launch payments.

AST carries a market cap of roughly $32 billion.

The company relies on multiple launch providers, and any delays from those partners could affect its deployment timeline and, in turn, its revenue ramp.

Q2 capex guidance of $575 million to $650 million underscores just how capital-intensive the build-out phase remains.

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