Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data AST SpaceMobile, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
5.97
12.4
13.8
0
13.8
70.9
Cost of revenue
3.03
7.56
6.71
0
Gross profit
2.94
4.84
7.11
0
Research and development
1.01
23.4
45.6
47.5
28.8
28.1
General and administrative
12.3
35.6
48.3
41.6
61.6
102
Operating expenses
27.3
91.6
160
222
247
359
Operating income
-1.12
Interest expense
0.2
4.5
18.7
31.8
Interest income
1.48
2.85
7.19
14.2
49.2
Other non-operating income
0.08
13.8
43.3
1.37
-282
-169
Pre-tax income
-24.3
-72.9
-102
-221
-525
-457
Income tax
0.13
0.33
0.62
1.68
1.33
3.9
Net income to minority interests
-0.34
-42.7
-71.5
-135
-226
-119
Net income
-52
-30.6
-31.6
-87.6
-300
-342
EBITDA
-0.24
EPS, basic
-6.13
-0.37
EPS, diluted
-6.13
-0.37
Shares, basic (weighted)
8.6
51.7
81.8
155
256
Shares, diluted (weighted)
8.6
51.7
81.8
155
256
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
42.8
322
239
85.6
565
2,336
Short-term investments
315
231
69.7
510
2,000
Receivables
2.08
2.17
0
1.4
37.7
Inventory
2.59
1.41
0
1.06
12
Other current assets
2.23
4.85
25
14.2
22.4
60.3
Total current assets
50.9
336
268
107
600
2,459
Property, plant and equipment
37.1
95.9
146
238
338
1,399
Lease right-of-use assets
7.05
7.99
7.67
13.2
14
19.4
Goodwill
3.91
3.64
0
Intangible assets
0.53
0.24
Long-term investments
232
Other non-current assets
11.6
12.2
24.1
Total assets
99.6
444
438
361
955
5,014
Accounts payable
4.99
6.64
13.9
20.6
17
46.8
Accrued liabilities
2.98
2.36
2.34
0.3
12.7
Deferred revenue
3.4
6.64
0
42
19.9
Short-term debt
0
0.24
0.25
2.92
12
Total current liabilities
13.1
21.4
27.8
46.2
75.9
150
Long-term debt
5
4.76
59.3
156
2,208
Lease liabilities
6.54
7.53
7.05
11.9
12.7
17.5
Other non-current liabilities
0
32.1
Total liabilities
19.7
92
78.5
147
285
2,622
Total debt
5
4.76
59.5
158
2,220
Paid-in capital
59.8
171
235
288
969
2,672
Retained earnings
-39.9
-70.5
-102
-190
-490
-832
Other comprehensive income
-0.17
-0.43
0.23
0.23
-0.18
1.35
Shareholders' equity
5
Minority interests
2.49
252
226
115
190
551
Total equity
80
352
360
214
669
2,392
Total liabilities and equity
99.6
444
438
361
955
5,014
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-24.4
-73.3
-103
-223
-526
-461
Depreciation and amortization
0.89
2.91
4.71
54.5
63.3
51.1
Stock-based compensation
0.28
3.74
9.39
13.3
32
47.5
Deferred income tax
0
0
0
-0.9
-0.67
-2.56
Change in receivables
-1.57
-0.22
-1.99
-1.78
0.38
-36.3
Change in inventory
-2.24
1.04
-2.46
0
-1.06
-10.9
Change in payables
-3.48
2.09
18.4
-0.15
-6.26
32.3
Cash from operations
-22.8
-80.1
-156
-149
-126
-71.5
Capital expenditures
-8.12
-15.1
-57.3
-119
-174
-1,065
Cash from investing
-30.4
-54.8
-31.4
-119
-174
-1,541
Debt issued
0
0.05
0.23
63.5
145
2,612
Debt repaid
-1.75
0
0
-0.24
-48.8
-5.12
Stock issued
0
0
105
64.6
552
1,296
Cash from financing
69.7
417
102
117
780
3,827
Exchange rate effect
-0.17
-0.29
Net change in cash
16.3
282
-85.3
-151
479
2,212
Free cash flow
-30.9
-95.2
-214
-268
-300
-1,136
Interest paid
0.03
0.01
0.22
3.24
12
7.86
Income taxes paid
0.13
0.19
0.68
0.49
1.67
6.8
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $61.81 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
-698.8%
Pre-tax income / revenue.
Net margin
-536.7%
Net income / revenue.
FCF margin
-1,421.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-125.5%
Cash from operations / revenue.
Return on assets (ROA)
-10.6%
Net income / average total assets.
R&D / revenue
25.6%
Research and development expense / revenue.
Stock-based pay / revenue
128.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1,295.0%
Capital expenditures / revenue.
D&A / revenue
57.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
413.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
72.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
64.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
425.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
125.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
119.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
65.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
97.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.1x
Current assets / current liabilities.
Quick ratio
24.4x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
24.0x
(Cash + short-term investments) / current liabilities.
Debt / assets
50.8%
Total debt / total assets.
Liabilities / assets
59.1%
Total liabilities / total assets.
Net debt
-$1.62B
Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital
$2.30B
Current assets - current liabilities.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.02x
Revenue / average total assets.
Fixed asset turnover
0.06x
Revenue / average property, plant and equipment.
Receivables turnover
1.45x
Revenue / average receivables.
Days sales outstanding
251 days
365 x average receivables / revenue.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.07
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
P/S
209x
Market cap / revenue.
EV/Sales
195x
Enterprise value / revenue.
FCF yield
-6.8%
Free cash flow / market cap.
Earnings yield
-2.6%
Net income / market cap (the inverse of P/E).
What was AST SpaceMobile, Inc.'s revenue in fiscal 2025?
AST SpaceMobile, Inc. reported revenue of $70.9M for fiscal 2025, 413% higher than the year before.
Was AST SpaceMobile, Inc. profitable in fiscal 2025?
No. It reported a net loss of $341.9M.
How much free cash flow did AST SpaceMobile, Inc. generate in fiscal 2025?
Cash from operations of $71.5M minus capital expenditures of $1.06B left free cash flow of -$1.14B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.