Key Highlights

  • AST SpaceMobile (NASDAQ:ASTS) reported third-quarter 2026 Revenue of USD 42.3 million, up 34% from the prior quarter and up from USD 14.7 million a year earlier.
  • The adjusted EBITDA loss was about USD 91.2 million, wider than the roughly USD 79.5 million loss expected, and the net loss attributable to shareholders was USD 132.4 million.
  • The company maintained full-year revenue guidance of USD 150 million to USD 200 million and still targets intermittent nationwide service in key markets before the end of 2026.
  • Viasat said it was awarded an indefinite delivery, indefinite quantity contract with a ceiling of USD 450 million by the US Space Force's Space Systems Command.

AST SpaceMobile's Quarter

AST SpaceMobile is building a network of large satellites designed to connect directly to ordinary smartphones, working with mobile carriers rather than requiring special handsets. Third-quarter revenue of USD 42.3 million, reported after the close on November 9 and discussed through November 10, came largely from engineering services and government work, as commercial service has yet to launch at scale. Costs are rising quickly as the company scales manufacturing: operating expenses were USD 211.0 million, up from USD 94.4 million a year earlier. The adjusted EBITDA loss of about USD 91.2 million was wider than expected. The Balance Sheet remains substantial, with about USD 3.2 billion of cash and restricted cash at the end of September, against long-term Debt of about USD 4.1 billion. AST SpaceMobile (NASDAQ:ASTS) has 16 US government awards to date, including a Space Force award worth about USD 100 million in revenue.

Satellite Deployment Timeline

Execution on launches is the key driver of value. BlueBird satellites 11 to 13 are operating in orbit, satellites 14 to 16 have been shipped to Cape Canaveral and are awaiting a launch date, and 17 to 19 are due to ship by the end of November for a launch expected early in the first quarter of 2027. The company targets about 45 BlueBirds in orbit by mid-2027, has launch agreements covering more than 100 satellites in 2027 and 2028, and aims to reach production of six satellites a month in December 2026. Initial service is planned in the US, Canada, Japan, Saudi Arabia and the UK. A Japanese government-supported program is expected to provide about USD 1.0 billion of non-dilutive funding for buildout, though it has not been received. Any launch slippage would push back revenue and raise funding needs.

Viasat's Award and the Defence Angle

Viasat's IDIQ contract from Space Systems Command, with a ceiling of USD 450 million, underlines growing US military Demand for commercial satellite services. An IDIQ sets a maximum value over a period, with actual revenue depending on task orders, so the full amount is not guaranteed. The award supports Viasat's government segment, which provides more stable Cash Flow than its consumer broadband business. For AST SpaceMobile (NASDAQ:ASTS), defence demand is also a growing theme, given its government awards. Investors in both names should watch launch dates, task orders, carrier agreements and funding activity. Space stocks have been volatile, with rising Treasury yields weighing on long-duration growth stories, and the near-term share reaction for AST SpaceMobile will hinge on whether BlueBirds 14 to 16 fly on schedule.

Where Things Stand

AST SpaceMobile (NASDAQ:ASTS) grew third-quarter 2026 revenue to USD 42.3 million, up 34% on the quarter, but its adjusted EBITDA loss of about USD 91.2 million was wider than expected. It kept 2026 revenue guidance of USD 150 million to USD 200 million and targets about 45 satellites in orbit by mid-2027. Viasat won a Space Force IDIQ with a USD 450 million ceiling. Launch timing is the key catalyst.