AST SpaceMobile

First quarter revenue came in at 14.7 million dollars, driven by gateway deliveries and U.S. Government milestones, and the company says it is on track for 150 to 200 million dollars for the full year. About half of that guidance is already locked in through contracted backlog. Nearly 60 carriers covering over 3 billion subscribers have signed on, and the FCC just authorized commercial service in the United States across a network of up to 248 satellites.

They finished the quarter with roughly 3.5 billion dollars in cash, plus around 3,900 patent and patent pending claims and over 500,000 square feet of manufacturing space. That is enough to build and launch over 100 satellites. They also just hit a record 98.9 megabits per second straight to an unmodified phone, and the newer Block 2 satellite is expected to nearly double that.

Total operating expenses hit 164.1 million dollars in the first quarter, up 37.5 million dollars from the prior quarter, mostly from a 37.9 million dollar jump in engineering costs. Against 14.7 million dollars of revenue, that is more than eleven dollars spent for every dollar earned. Profits are still years away, and the spending only grows as launches stack up.

The plan calls for roughly 45 satellites in orbit during 2026, but only BlueBird 6 and the Block 1 satellites are working up there today. BlueBird 8, 9, and 10 go up in mid June, and satellites 11 through 33 are still being built. Any rocket delay or failure pushes the whole revenue story right, and this stock swings more than two and a half times as hard as the market.