TLDR
- ASTS fell 2.8% in pre-market to $66.82 after Q2 results missed on both revenue and earnings
- Revenue came in at $31.52 million vs. $35 million expected; EPS missed at -$0.77 vs. -$0.37 consensus
- A $125.9 million loss tied to the BB7 launch incident widened the quarterly loss
- The company raised $1.15 billion via convertible notes in July, adding dilution concerns
- Full-year 2026 revenue guidance held at $150 million to $200 million; backlog rose to $1.30 billion
AST SpaceMobile stock fell 2.8% in pre-market trading to $66.82 on August 11, after the company posted Q2 2026 results that missed analyst expectations on both the top and bottom lines.
Revenue for the quarter came in at $31.52 million, below the $35 million consensus. EPS landed at -$0.77, well below the -$0.37 analysts had expected.
A large chunk of the loss came from a $125.9 million charge tied to an involuntary conversion loss connected to the BB7 satellite launch incident. That single item pushed the quarterly loss well past what the market had priced in.
$ASTS (AST SpaceMobile) #earnings are out: pic.twitter.com/QGNo1L6eLh
— The Earnings Correspondent (@earnings_guy) August 10, 2026
Despite the miss, the numbers tell a different story year over year. Revenue grew 2,617% compared to the same quarter last year, reflecting how early-stage the business still is.
This was the company’s fifth straight quarterly earnings miss, and options markets had already been pricing in a double-digit swing ahead of the print. That kind of setup rarely ends well when the numbers disappoint.
Dilution Concern Weighing on the Stock
Investors are also watching the balance sheet closely. In July 2026, ASTS raised $1.15 billion through a 1.625% convertible senior notes offering. Management called the terms cost-efficient, but the dilution risk is a concern, especially with the stock trading at $66.82, well off its 52-week high of $133.86.
Pro forma liquidity stood at over $3.7 billion as of June 30, 2026, which gives the company a long runway to execute its build-out.
Full-year 2026 revenue guidance was left unchanged at $150 million to $200 million. Management said it remains on track, supported by new U.S. government contract awards.
Operational Progress Continues
On the operational side, AST now has 13 satellites in orbit. BlueBirds 14, 15, and 16 are nearly ready to ship, and BlueBird 17 through 46 are already in various stages of production.
The newer Block 2 satellites are expected to support peak speeds of 200 Mbps, up from the roughly 100 Mbps demonstrated on Block 1 hardware.
Beta testing is moving forward, with 3,000 digital cells activated across the continental U.S. The company is also running tests in Europe and building nearly 50 ground gateways.
AST has partnerships with over 60 mobile network operators covering more than 3 billion subscribers.
Total backlog grew to approximately $1.30 billion, including commercial deals and U.S. government contracts. The company also received more than $125 million in government awards tied to national security applications.
Wall Street holds a Moderate Buy consensus on ASTS, based on four Buys, five Holds, and one Sell over the past three months. The average price target sits at $88.87, implying roughly 29% upside from current levels.
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