# AST SpaceMobile, Inc. (ASTS)

> Source: Nexqual · https://nexqual.com/ASTS · data as of 2026-10-29 19:41 UTC · cite as "Nexqual, AST SpaceMobile, Inc. (ASTS), nexqual.com/ASTS" · informational, not investment advice.

**Price:** USD 43.18 (+2.07% today) · US market open, as of October 29, 2026 at 19:41 UTC; quotes may be delayed. Prev close 42.3 · day 41.61–44.85 · 52w 36.72–133.86 · market cap $16.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $115M, net income -$619M (-536.7% margin), free cash flow -$1.64B (SEC filings).
- 1 of 80 tracked superinvestors hold ASTS (13F, Q3 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.77 on a 1–5 scale) (13 analysts), mean target USD 74.68 (range 42.5–108).
- Total return with dividends: 1Y -46.1% vs S&P 500 +13.0%; 5Y +285.8% vs S&P 500 +78.9%.
- Next earnings: 2026-11-09, EPS estimate USD -0.45, revenue estimate $46.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.4M | $13.8M | $0K | $13.8M | $70.9M | $115M |
| Gross profit | $4.8M | $7.1M | $0K | — | — | — |
| Net income | -$30.6M | -$31.6M | -$87.6M | -$300M | -$342M | -$619M |
| EPS (diluted) | -$0.37 | — | — | — | — | — |
| Free cash flow | -$95.2M | -$214M | -$268M | -$300M | -$1.14B | -$1.64B |
| Gross margin | 39.0% | 51.4% | — | — | — | — |
| Net margin | -246.3% | -228.9% | — | -2170.6% | -482.2% | -536.7% |
| Revenue growth | +107.9% | +11.4% | -100.0% | — | +413.0% | — |
| Cash + short-term investments | $636M | $469M | $155M | $1.08B | $4.34B | — |
| Total debt | $5.0M | $5.0M | $59.5M | $158M | $2.22B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 147.3x · EV/Sales 133.3x · P/B 7.1x · FCF yield -9.64% · Earnings yield -3.64% · Net cash $1.62B · EV $15.4B

## Superinvestors (SEC 13F-HR, Q3 2026)
1 of 80 tracked investors hold ASTS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 0.03% | $317K | Unchanged |

## Analysts
Consensus Hold (mean 2.77 on a 1–5 scale), 13 analysts; mean target USD 74.68 (low 42.5, high 108).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Scotiabank | Upgrade | Sector Perform → Sector Outperform | $50.8 → $55.7 |
| 2026-10-13 | Piper Sandler | Downgrade | Overweight → Neutral | $98 → $54 |
| 2026-10-12 | Deutsche Bank | Upgrade | Hold → Buy | $93 |
| 2026-10-02 | B. Riley Securities | Downgrade | Buy → Neutral | $85 → $65 |
| 2026-09-02 | Berenberg | Initiated | Buy | $92 |
| 2026-08-11 | UBS | Target lowered | Neutral | $80 → $78 |
| 2026-08-11 | Piper Sandler | Target lowered | Overweight | $100 → $98 |
| 2026-08-11 | Cantor Fitzgerald | Target raised | Overweight | $80 → $90 |
| 2026-07-29 | Scotiabank | Upgrade | Sector Underperform → Sector Perform | $50.8 |
| 2026-07-17 | B. Riley Securities | Upgrade | Neutral → Buy | $85 |
| 2026-07-16 | Piper Sandler | Initiated | Overweight | $100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -46.1% | +285.8% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | -46.1% | +30.9% |
| Volatility (annualized) | 107.6% | 98.1% |
| Max drawdown | -70.9% (May 2026→Oct 2026) | -83.7% (Nov 2021→Apr 2024) |

## Peers (Communication Equipment)
ZBRA (Zebra Technologies Corporation) USD 376.71 -2.08% · VSAT (ViaSat, Inc.) USD 78.56 +0.38% · VIAV (Viavi Solutions Inc.) USD 33.27 -3.45% · ERIC (Ericsson) USD 11.13 +0.51% · UI (Ubiquiti Inc.) USD 607.46 +0.79% · AAOI (Applied Optoelectronics, Inc.) USD 78.97 -3.95%

## More
Full page: https://nexqual.com/ASTS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ASTS's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1780312/000178031226000006/asts-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Rakuten | "We have developed relationships with companies, such as Vodafone, Rakuten, AT&T, Verizon, Google, American Tower, STC, Bell Canada and others that have innovative technologies and products, skilled personnel, and potenti…" |
| Customer | Alphabet (Google) (GOOGL) | "We have developed relationships with companies, such as Vodafone, Rakuten, AT&T, Verizon, Google, American Tower, STC, Bell Canada and others that have innovative technologies and products, skilled personnel, and potenti…" |
| Partner | Verizon (VZ) | ""Verizon" collectively refers to Cellco Partnership, a Delaware general partnership doing business as Verizon Wireless, and its controlled and/or managed affiliates and Verizon Communications, Inc." |
| Partner | AT&T (T) | "We have entered into a space-based wireless connectivity agreement with AT&T to provide SpaceMobile Service to AT&T's end users for use within the continental United States (excluding Alaska) and Hawaii." |
| Partner | Vodafone Ventures | "On December 18, 2025, we entered into a reseller agreement with our jointly-owned European satellite service business with Vodafone ("SatCo") to exclusively distribute SpaceMobile Service to MNOs in Europe, UK and certai…" |
| Partner | Ligado | "On January 5, 2025, AST LLC entered into a binding agreement (the "Strategic Collaboration Term Sheet") with Ligado LLC under which we will receive long-term access to up to 45 MHz of lower mid-band spectrum in the Unite…" |
| Competitor | SpaceX | "We face competition from existing and new companies including SpaceX's Starlink, which is developing satellite communications technology using LEO constellations to provide competitive services in the direct-to-device se…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.45 | $-0.29 | −$0.16 | $46.0M | 6 |
| Next quarter (ends 2026-12-31) | $-0.44 | $-0.29 | −$0.15 | $71.1M | 6 |
| Current fiscal year (ends 2026-12-31) | $-2.29 | $-1.39 | −$0.91 | $167.2M | 8 |
| Next fiscal year (ends 2027-12-31) | $-1.28 | $-0.69 | −$0.59 | $609.1M | 9 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.77 | −$0.33 | Miss −133.3% | — |
| — | Quarter ended Mar 31, 2026 | −$0.66 | −$0.20 | Miss −230.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.26 | −$0.20 | Miss −30.0% | — |
| — | Quarter ended Sep 30, 2025 | −$0.45 | −$0.26 | Miss −73.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G | BlackRock, Inc.: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1780312/000201238326003748/0002012383-26-003748-index.htm |
| 2026-10-20 | 8-K | Director or executive officer change, or pay arrangement — “On October 14, 2026, AST SpaceMobile, Inc. (the "Company") and its subsidiary AST & Science, LLC entered into an executive employment agreement (the "Employment Agreement") with Andrew M. Johnson, the Company's Executive Vice President, Chief Financial Officer and Chief Legal Officer. The Employment Agreement supersedes Mr. Johnson's prior employment agreement with the Company. The Employment Agreement has an initial term of three years beginning on October 14, 2026 and renews automatically for successive one-year…” | https://www.sec.gov/Archives/edgar/data/1780312/000149315226047766/0001493152-26-047766-index.htm |
| 2026-09-28 | 8-K | Director or executive officer change, or pay arrangement — “On September 25, 2026, the Compensation Committee of the Board of Directors of AST SpaceMobile, Inc. (the "Company") adopted the Company's Senior Management Change of Control Severance Policy (the "COC Severance Policy"). The COC Severance Policy is intended to provide eligible employees of the Company with reasonable financial security in their employment and position with the Company, without distraction from uncertainties regarding their employment created by the possibility of a potential or actual change of…” | https://www.sec.gov/Archives/edgar/data/1780312/000149315226044647/0001493152-26-044647-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1780312/000119312526342550/0001193125-26-342550-index.htm |
| 2026-08-10 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1780312/000119312526342540/0001193125-26-342540-index.htm |
| 2026-07-20 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares; Other material event — “Indenture and Notes On July 20, 2026, AST SpaceMobile, Inc. (the " Company ") completed its previously announced private offering (the " Offering ") of $1.0 billion aggregate principal amount of 1.625% Convertible Senior Notes due 2034 (the " Notes "). Pursuant to the purchase agreement between the Company and the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within the 13-day period beginning on, and including, July 20, 2026, up to an additional…” | https://www.sec.gov/Archives/edgar/data/1780312/000149315226033912/0001493152-26-033912-index.htm |
| 2026-07-15 | 8-K | Quarterly results; Regulation FD disclosure; Other material event — “On July 15, 2026, the Company issued a press release relating to its proposed Notes Offering and its intention to enter into capped call transactions in connection therewith. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. Neither this Current Report on Form 8-K nor the press release filed as Exhibit 99.1 hereto constitute an offer to sell, or a solicitation of an offer to buy, any Notes nor will there be any sale of any Notes in any…” | https://www.sec.gov/Archives/edgar/data/1780312/000149315226033365/0001493152-26-033365-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.