AST SpaceMobile reported second-quarter revenue of $31.5M, nearly double its first-quarter result of $15.8M, with a backlog of $1.3B and 13 satellites now in orbit, according to the company's earnings disclosure.
The satellite cellular network operator is burning roughly $610M per quarter on capital expenditure to build out its first phase infrastructure: manufacturing, launches, gateways and ground stations before the service goes live. That spending rate matters against the company's stated path to approximately $1B in revenue in its first full year of commercial operation.
AST SpaceMobile has $3.7B in liquidity on hand. The company has filed production schedules extending through BlueBird 46, its 46th satellite. The backlog grew from $1.1B at the end of the first quarter.
The revenue growth came as the company pursued regulatory approvals and prepared for service launch. AST SpaceMobile is building a cellular network that will operate across North America before it powers on for commercial use. The sequential growth from $15.8M to $31.5M came from initial customer contracts and prepaid arrangements rather than active subscriber revenue.
Capital intensity remains the constraint on the business model. At $610M per quarter in capex, AST SpaceMobile must convert spending on satellite production, launch procurement, manufacturing facilities and gateway infrastructure into a functioning network before it can recognize service revenue at scale. The company has not yet provided a specific launch date for initial service.
AST SpaceMobile trades under the ticker ASTS. Its backlog of $1.3B against quarterly capex of $610M covers roughly 2.1 quarters of current spending, assuming no additional contract wins. The sequential revenue growth rate of 99 percent from Q1 to Q2 compares to the company's historical volatility as it moves from pre-revenue to early-stage operations.
The timing of service launch will determine whether management's $1B first-year revenue target becomes achievable or shifts further into future periods. AST SpaceMobile has committed to a launch schedule; any delay would extend the period over which the company must finance capex without offsetting commercial revenue.
