Fundamentals Hub
▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
In fiscal 2025, AST SpaceMobile, Inc. recorded $70.92M of revenue, net loss of $341.94M, and an operating cash outflow of $71.52M. The $70.92M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The diluted weighted-average share count was 255.98M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 65.7% from 154.50M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $5.01B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.01x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.Profitability
After all below-operating-line items, the company recorded a net loss of $341.94M for the fiscal year. Measured against revenue, the bottom-line deficit represented 482.2% after all recognized items. The company reported a pretax loss of $457.11M, before the effect of income taxes. Pretax margin was -644.6%, reflecting a pre-tax loss equal to 644.6% of revenue. Income tax expense totaled $3.90M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 14.3% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 6.8%, placing the bottom-line deficit against the company’s resource base. Compared with a $300.08M net loss in fiscal 2024, the current loss increased to $341.94M.Liquidity and Capital Structure
At period end, the $5.01B asset base was financed through $2.62B of liabilities and $2.39B of equity. The near-term balance sheet paired $2.46B of current assets with $150.34M of current liabilities at the reporting date. At 16.35x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $2.34B in cash and equivalents, a narrower liquidity measure than total current assets. Borrowings totaled $2.22B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.93x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 44.3% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 47.7% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 52.3%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 46.6%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $954.56M in fiscal 2024, the current asset base moved 425.3% and finished higher. Against $669.15M of equity in fiscal 2024, the current book-equity balance moved 257.5% and ended higher. The reported cash balance changed 313.4% from $564.99M in fiscal 2024, ending higher year over year.Cash Flow and Earnings Quality
Cash flow from operations was an outflow of $71.52M, showing that operations absorbed cash during the period. The company spent $1.06B on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $1.14B, leaving a cash deficit after capital spending and reducing financial flexibility. The cash deficit after capital spending represented 22.7% of the period-end asset base. The operating cash outflow narrowed to $71.52M from $126.14M in fiscal 2024.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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