AST SpaceMobile Q2 FY26 earnings call ASTS

AST SpaceMobile is actively preparing for beta service with key MNO partners in selected global markets, with network integration and testing underway across several European countries with partners like Vodafone, Orange, and Deutsche Telekom. The company's partner-first strategy has resulted in an ecosystem of over 60 MNO partners covering more than 3 billion subscribers globally. Regulatory progress in the U.S., U.K., Japan, and Brazil, along with commercial authorization for MSS spectrum assets, supports the scaling of the global cellular broadband network.

The company is seeing significant traction with the U.S. government, securing three new contract awards with a funded near-term value exceeding $100 million for 2026-2027, leveraging its unique in-orbit technology for strategic needs. Beyond direct-to-device, AST SpaceMobile is expanding its TAM into new markets such as radar, secure communications for low-profile devices, federal emergency and backup services (e.g., J-LEO project in Japan, FirstNet in the U.S.), Internet of Things (IoT), and space-based AI edge compute, each potentially representing multi-billion dollar annual revenue opportunities.

AST SpaceMobile is rapidly scaling its manufacturing capabilities, with BlueBird 14-16 undergoing final testing and BlueBird 17-46 in various stages of production and assembly. The company's ASIC chip is now in full production, designed to support up to 10 gigahertz of processing bandwidth per satellite, a 10x improvement over Block 1 BlueBirds, with potential for an additional 10x gain in user experience through AI-enabled spectrum management. The manufacturing footprint is expanding to over 1 million square feet globally, targeting a production cadence of 6 fully assembled satellites per month.

The company emphasizes its comprehensive spectrum strategy, combining low-band and mid-band spectrum contributed by MNO partners with its directly controlled spectrum. This provides access to approximately 100 MHz in the U.S. and over 60 MHz globally, with satellite technology capable of tuning approximately 1,150 MHz across low-band, mid-band, and future C-band. This, coupled with over 3,900 patents and very large phased arrays, offers greater network capacity, better coverage, and flexibility for demand growth.

AST SpaceMobile's balance sheet is robust, with over $3.7 billion in cash, cash equivalents, and restricted cash as of June 30, 2026, following a $1.15 billion convertible debt offering. The company is intentionally investing in growth, leading to higher adjusted operating expenses and significant capital expenditures, primarily for satellite production and launch contracts. This financial strength positions the company to complete its constellation build-out, pursue growth initiatives, and secure additional access to orbit.