AST SpaceMobile (NASDAQ: ASTS), which is building a satellite network meant to connect directly to ordinary phones, closed at $40.97 on Oct. 30, 2026, down 4.88% on the day. It reports earnings on Nov. 9, 2026, after missing estimates in the quarter ended June 30, 2026, and while a law firm reminds shareholders of a lead-plaintiff deadline in a securities class action. For a company spending far more than it earns, the next report is about whether the build-out is on track and how it is being paid for.
Figures are current as of Oct. 30, 2026 (price) and cover the second quarter of fiscal 2026, ended June 30, 2026, unless stated.
Key facts
- Price (Oct. 30, 2026): $40.97, within a 52-week range of $36.72 to $133.86. Market cap is $16.73B.
- Q2 FY2026 revenue (quarter ended June 30, 2026): $31.5M, against an analyst estimate of $34.5M. Revenue was far higher than the $1.2M a year earlier.
- Q2 FY2026 loss per share: -$0.77, against an estimate of -$0.315 and -$0.41 in the year-ago quarter.
- Q2 FY2026 free cash flow: -$694.8M, driven by capital spending of $597.6M.
- Next earnings: Nov. 9, 2026. Analysts expect revenue of $45.7M and a loss of $0.42 per share (estimates).
- Stock Expert AI MoonshotScore V2: 17.6, rated Weak.
What happened
The theme: phones that talk to satellites. Today a phone loses service where there are no cell towers: oceans, deserts, mountains and many rural roads. Direct-to-cell is the general idea of putting satellites in orbit that act like cell towers in space, so an unmodified phone can connect (this is general industry background, not drawn from the supplied company data). AST SpaceMobile is one of the public companies pursuing it. The attraction is a much bigger customer base than traditional satellite phones. The difficulty is cost: the capital spending figures below show how expensive the build is, and a network needs many satellites before service is dependable.
The latest development: a miss and a legal notice. On Aug. 10, 2026, the company reported its second-quarter results. Revenue of $31.5M came in below the $34.5M analysts expected. The loss per share of -$0.77 was wider than the -$0.315 estimate. Product revenue was $24.4M and service revenue was $7.1M. A mostly product-driven mix suggests sales tied to hardware rather than recurring subscriptions, though the segment split alone does not prove that.
On Oct. 31, 2026, Rosen Law Firm issued a notice reminding people who bought ASTS securities between early 2025 and mid-July 2026 of a lead-plaintiff deadline in mid-November. Such notices come from law firms recruiting clients. The claims are allegations in a class action, not findings by a court. The notice does not report any finding of liability, and it gives no ruling on the merits.
The trend: cash burn jumped in the latest quarter while revenue stayed small. The table shows how cash use has changed over the last five quarters. It matters because it is the clearest sign of how much the network build is costing.
| Quarter ended | Revenue | Net income | Free cash flow | |---|---|---|---| | June 30, 2025 | $1.2M | -$99.4M | -$353.6M | | Sept. 30, 2025 | $14.7M | -$122.9M | -$302.9M | | Dec. 31, 2025 | $54.3M | -$74.0M | -$330.7M | | March 31, 2026 | $14.7M | -$191.0M | -$309.7M | | June 30, 2026 | $31.5M | -$230.9M | -$694.8M |
Revenue has been uneven, peaking in the quarter ended Dec. 31, 2025 at $54.3M. That may point to lumpy, hardware-linked sales rather than a steady subscription stream, though the data does not prove it. Gross margin, the share of revenue left after direct costs, was 25.2% in the latest quarter and was negative in the quarter ended Dec. 31, 2025. The operating margin was -944.1% in the latest quarter, meaning operating losses were many times revenue. Operating cash flow was -$97.2M, and capital spending, money put into satellites and equipment, was the larger drain.
Why it matters for investors
The balance sheet funds the build, for now. As of June 30, 2026, the company held $2.29B in cash and short-term investments against $2.99B of total debt, leaving net debt of $705.5M. Shareholders' equity was $1.89B and debt-to-equity was 1.58. The company paid no dividends and made no buybacks. With free cash flow this negative, further debt or share sales are possible, and either has costs for existing holders. Its Piotroski score, a 0-to-9 gauge of financial health, is 3, and its Altman Z score, a bankruptcy-risk gauge, is 2.68.
Valuation prices in success. Trailing price-to-sales is 145.09, and the trailing price-to-earnings ratio is -18.97 (negative because the company loses money). Net margin over the trailing 12 months is -536.7%. Peers show a wide spread:
| Peer | Market cap | P/E | Net margin | |---|---|---|---| | EchoStar (ECHO) | $15.36B | -4.87 | -38.7% | | Globalstar (GSAT) | $10.66B | -160.59 | -21.3% | | Iridium (IRDM) | $4.76B | 29.35 | 18.1% | | Redwire (RDW) | $2.10B | -5.75 | -57.3% |
Iridium, an established satellite operator, is profitable. The others are not, but their losses are small relative to sales compared with ASTS. Separately, a discounted-cash-flow model from our data provider (FMP) estimates a value of -$0.53 per share as of Oct. 31, 2026. That is a mechanical output and reflects how far profits sit in the future.
Analysts are more optimistic than the market. Eight analysts rate the stock: 4 buy, 3 hold, 1 sell, for a consensus of "Buy." Their price targets average $82.41 with a median of $90.00, a high of $108.00 and a low of $54.00. The current price is below even the lowest target. Recent actions were mixed: Deutsche Bank upgraded to Buy on Oct. 12, Piper Sandler downgraded to Neutral on Oct. 13, and Scotiabank upgraded to Sector Outperform on Oct. 23. For later periods, 5 analysts expect revenue of $344.0M for the quarter ending March 30, 2028, and $422.6M for the quarter ending June 30, 2028. These are forecasts, not results.
Our MoonshotScore is low. The MoonshotScore V2 is 17.6, rated Weak. The sector-relative pillars are growth 29, momentum 23, quality 8, safety 28 and valuation 15. Quality is weakest, reflecting deep losses and negative margins. Growth is the least weak, consistent with the large rise in revenue from a very small base. Among insiders, recent Form 4 filings show 3 open-market purchases and 2 sales in the last 90 days, though older filings in that window may be missing.
What could go wrong. Risks include more equity or debt raised on unfavorable terms, delays or cost overruns in building and launching satellites, uneven revenue, and the legal and management time a class action can consume. Valuation is a risk too: the share price already reflects a lot of expected future revenue.
What to watch next
- Nov. 9, 2026 results: whether revenue reaches the $45.7M estimate and the loss per share the -$0.42 estimate, after the prior quarter's miss.
- Capital spending and free cash flow: whether the cash drain stays near the latest quarter's level or eases.
- Funding: any comments on new financing, and how the cash position compares with June 30, 2026.
- Revenue mix: whether service revenue grows relative to product revenue, which would signal recurring income.
- Legal developments: the mid-November lead-plaintiff deadline and whether a court names a lead plaintiff.
Frequently asked questions
Q: Why did AST SpaceMobile stock fall recently?
The stock closed at $40.97 on Oct. 30, 2026, down 4.88% on the day, and sits well below its 52-week high of $133.86. The data we were supplied gives no cause for the move.Q: What does the AST SpaceMobile class action mean for shareholders?
It is a securities lawsuit in which investors who bought between early 2025 and mid-July 2026 may seek to be represented, with a lead-plaintiff deadline in mid-November 2026, according to Rosen Law Firm's notice. The claims are allegations, not court findings. The notice is a law firm's marketing. Its statement that buyers may be entitled to compensation is not a prediction of any outcome or payout.Q: Is AST SpaceMobile profitable, and how does it pay for its satellites?
No. In the quarter ended June 30, 2026, it lost $230.9M on revenue of $31.5M, and free cash flow was -$694.8M. As of that date it held $2.29B in cash and short-term investments and $2.99B in total debt, so the build-out depends on that cash and on outside financing.This is educational content, not investment advice. Past performance does not guarantee future results.