AST SpaceMobile Inc (NASDAQ:ASTS) reported first-quarter 2026 results that missed analyst expectations on both revenue and earnings, sending shares down about 14%.
The company posted a loss of $0.66 per share for the quarter, wider than the consensus estimate for a $0.23 loss.
Revenue came in at $14.7 million, well below expectations of roughly $39 million. AST SpaceMobile said revenue was primarily driven by gateway deliveries and US government milestone achievements.
Total operating expenses for the quarter were $164.1 million, compared with $126.6 million in the fourth quarter of 2025. The increase was largely driven by higher engineering services costs, which rose $37.9 million, as well as a $17.4 million increase in general and administrative expenses. These were partially offset by lower cost of revenues due to reduced gateway delivery volume and a modest decline in research and development spending.
Despite the weaker-than-expected results, AST SpaceMobile reiterated its full-year 2026 revenue outlook of $150 million to $200 million, stating that roughly half of that figure is expected to come from existing contracted backlog. The company said it remains on track for a quarterly revenue ramp through the year.
The company highlighted continued progress on its satellite deployment strategy, targeting approximately 45 BlueBird satellites in orbit during 2026. AST said BlueBird 8, 9, and 10 remain on schedule for delivery to Cape Canaveral and an expected mid-June launch aboard a Falcon 9 rocket.
The company added that its vertically integrated manufacturing footprint, spanning more than 500,000 square feet, is scaling production, with satellites BlueBird 11 through 33 in advanced stages of assembly. It also noted that phased array production has been completed through BlueBird 28.
AST SpaceMobile said its first operational satellite, BlueBird 6, continues to perform as expected following deployment of what it described as the largest phased array ever placed in low Earth orbit.
On the commercialization front, the company pointed to ongoing network integration efforts across multiple countries, including the US, Canada, the UK, India, Brazil, and several African and Asia-Pacific markets, collectively targeting a population base of roughly 2.9 billion people.
The company also highlighted regulatory and partnership developments, including FCC authorization under its Supplemental Coverage from Space framework, allowing commercial service deployment in the United States using a planned constellation of up to 248 satellites. AST said its global mobile network operator ecosystem has expanded to nearly 60 partners covering more than 3 billion subscribers.
“AST SpaceMobile is accelerating manufacturing, regulatory progress, commercial partnerships, and government programs, furthering our position as the only technology positioned to capture the massive direct to device broadband opportunity in full,” AST SpaceMobile CEO Abel Avellan said in a statement.