{
  "url": "https://struct.news/briefs/ast-spacemobiles-revenue-arrived-its-buildout-still-runs-far-ahead-of-sales",
  "title": "AST SpaceMobile's revenue arrived. Its buildout still runs far ahead of sales",
  "summary": "AST spent $859.2 million on capex in six months against $31.5 million of revenue, funded by a much larger borrowing base.",
  "published_at": "2026-08-10T20:45:16.722846+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "AST SpaceMobile, Inc.",
    "ticker": "ASTS",
    "cik": "1193125",
    "sector": "Technology",
    "industry": "Communication Equipment"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-10",
    "accession": "0001193125-26-342550",
    "url": "https://www.sec.gov/Archives/edgar/data/1780312/000119312526342550/asts-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-08-11",
    "url": "https://www.sec.gov/Archives/edgar/data/1780312/000095017025106627/asts-20250630.htm"
  },
  "reported_figures": [
    {
      "group": "AST SpaceMobile's market context",
      "label": "Market cap",
      "value": 18407708190.719997,
      "display": "$18.4B",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-08-07"
      }
    },
    {
      "group": "AST SpaceMobile's market context",
      "label": "Enterprise value",
      "value": 18279608190.719997,
      "display": "$18.3B",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001193125-26-342550",
        "filing_date": "2026-08-10"
      }
    },
    {
      "group": "AST SpaceMobile's market context",
      "label": "EV / sales",
      "value": 257.75696143038437,
      "display": "257.8x",
      "unit": "multiple",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001193125-26-342550",
        "filing_date": "2026-08-10"
      }
    },
    {
      "group": "AST SpaceMobile's market context",
      "label": "Net debt",
      "value": -128100000,
      "display": "-$128.1M",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001193125-26-342550",
        "filing_date": "2026-08-10"
      }
    }
  ],
  "watch_next": [
    {
      "type": "labor_costs",
      "statement": "Payroll and employee-related costs increased with headcount and stock-based compensation, adding a measurable cost driver as the business expands.",
      "importance": "medium",
      "evidence": "The increase was attributable to a $47.8 million increase in payroll and employee related costs driven by an increase in headcount and stock-based compensation expenses, a $3.4 million increase in consulting and professional fees, a $3.1 million increase in legal costs largely driven by our Spectrum Usage Rights Transaction and regulatory initiatives, a $2.4 million increase in facility and office expense, and a $5.2 million increase in travel and other expenses.",
      "source_date": "2026-08-10"
    }
  ],
  "related_tickers": [
    "ASTS"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}