The quarter came in below the market’s financial bar. Published estimates centered on roughly $34.1 million of revenue and about $(0.28) of EPS; ASTS delivered $31.5 million and $(0.77), respectively.
| Metric | Q2 2026 | Q2 2025 / expectation | Read |
|---|---|---|---|
| Total revenue | $31.5 million (Statements of Operations) | $1.2 million prior year; ~ $34.1 million published consensus | Below consensus |
| Net loss per share | $(0.77) (Statements of Operations) | $(0.41) prior year; ~ $(0.28) published consensus | Worse than consensus |
| Net loss attributable to common stockholders | $(230.9) million (Statements of Operations) | $(99.4) million prior year | Larger loss |
| Adjusted operating expenses | $119.1 million (Non-GAAP reconciliation) | $91.2 million in Q1 2026 | Higher sequentially |
| Cash, cash equivalents and restricted cash | $2.72 billion (Cash Flow statement) | $0.94 billion prior-year period | Strong liquidity |
| Revenue backlog | Approximately $1.30 billion (Business Update) | Not provided | Contracted future revenue base |
The EPS miss is less clean than the headline suggests, but still not benign. The quarter included a $125.9 million loss on involuntary conversion and $84.1 million of depreciation, amortization and stock-based compensation inside operating expenses (Financial Highlights). Excluding those items, adjusted operating expenses were still $119.1 million, up from $91.2 million in Q1, so the underlying cost base continued rising as the constellation and commercial infrastructure scale (Non-GAAP reconciliation).
The operating story improved, but the filing does not raise the near-term financial outlook. ASTS reported 13 spacecraft in orbit, BlueBirds 14-16 nearing shipment, production continuing through BlueBird 46, and preparation for beta service in 2026 (Business Update). It reaffirmed full-year revenue guidance of $150 million to $200 million rather than increasing it (Business Update). With $46.3 million of first-half revenue, reaching that range requires approximately $103.7 million to $153.7 million in the second half, or roughly $51.9 million to $76.9 million per quarter—an ambitious ramp that remains dependent on gateway deliveries, government milestones and beta-service progress.
Funding and contracted demand are the strongest offsets to the earnings miss. The company reported approximately $1.30 billion of revenue backlog, more than $125 million of new U.S. government awards, and a preliminary Japan government initiative with potential value of up to $1 billion in non-dilutive, non-debt capital (Business Update). July’s $1.15 billion convertible-notes offering also materially extended funding capacity, although total debt had already risen to $2.97 billion at June 30 from $2.21 billion at year-end (Balance Sheets); the financing strengthens liquidity but adds leverage and future conversion risk.
Net read: strategically constructive, financially behind the bar. The launch cadence, partner coverage, backlog and balance-sheet reinforcement support the long-term buildout, but these were not matched by a revenue beat or guidance raise. Against expectations, this filing is therefore a slight negative: the commercial ramp is progressing, but investors still need evidence that the large contracted opportunity is converting into revenue fast enough to justify the expanding cost and capital burden.
Read the original 8-K on SEC EDGAR ↗