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AST SpaceMobile cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$695M in Q2 2026 · −$1.6B over twelve months

Operating cash flow−$97.2M
Capital spending−$598M
Free cash flow−$695M

Analysis

In Q2 2026, AST SpaceMobile generated −$97.2M of operating cash flow and spent $598M on capital projects, leaving free cash flow of −$695M. That is $341M less than in Q2 2025 (−$354M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$145M; the largest uses were capital spending ($1.5B), other investing ($597M), operating cash flow ($145M); besides operations, cash came from net borrowing (+) / repaid (−) ($3.2B), shares issued ($928M); the cash balance rose by $1.8B.

Operating cash flow was −$97.2M against net income of −$300M. The largest differences: stock-based pay +$63.5M, receivables −$51.8M, deferred revenue +$34.0M.

Free cash flow

AST SpaceMobile: free cash flow by quarterAST SpaceMobile: free cash flow by quarter−$63.8MQ3 2024−$110MQ4 2024−$149MQ1 2025−$354MQ2 2025−$303MQ3 2025−$331MQ4 2025−$310MQ1 2026−$695MQ2 2026
Operating cash flow less capital spending.
AST SpaceMobile: operating cash flow against capital spendingAST SpaceMobile: operating cash flow against capital spendingOperating cash flowCapital spending−$33.4M$30.3MQ3 2024−$28.4M$82.0MQ4 2024−$28.5M$120MQ1 2025−$43.5M$310MQ2 2025−$64.5M$238MQ3 2025$65.0M$396MQ4 2025−$48.1M$262MQ1 2026−$97.2M$598MQ2 2026
Latest (Q2 2026): Operating cash flow −$97.2M, Capital spending $598M.

Capital allocation, year by year

AST SpaceMobile: where the cash came from (up) and went (down), by fiscal yearAST SpaceMobile: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$80.1MFY2021: Net borrowing $49KFY2021: Capital spending −$15.1M$49KFY2021FY2022: Operating cash flow −$156MFY2022: Net borrowing $230KFY2022: Shares issued $105MFY2022: Asset sales $25.9MFY2022: Capital spending −$57.3M$131MFY2022FY2023: Operating cash flow −$149MFY2023: Net borrowing $63.3MFY2023: Shares issued $64.9MFY2023: Capital spending −$119M$128MFY2023FY2024: Operating cash flow −$126MFY2024: Net borrowing $96.2MFY2024: Shares issued $557MFY2024: Capital spending −$174M$653MFY2024FY2025: Operating cash flow −$71.5MFY2025: Net borrowing $2.6BFY2025: Shares issued $1.3BFY2025: Capital spending −$1.1B$3.9BFY2025
Over these 5 years operating cash flow totalled −$583M; the largest uses were capital spending ($1.4B) and operating cash flow ($583M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.6B
Debt$3.0B
Net cash$1.6B
Due within a year$11.9M
Cash runway2.8 years

AST SpaceMobile is burning cash: its operations consume cash, a free cash flow of −$1.6B a year at the current rate against $4.6B of cash and investments: a runway of about 2.8 years; $11.9M of debt also comes due within a year, which the cash covers before any new financing.

AST SpaceMobile: debt maturities by year (FY2025)AST SpaceMobile: debt maturities by year (FY2025)$11.9MYear 1$433MYear 2$18.0MYear 3$12.6MYear 4$12.1MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.6B of cash and investments now.

Where the cash came from and went

AST SpaceMobile: sources (+) and uses (−) of cash, Q2 2026AST SpaceMobile: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$736MCapital spending−$598MOperating cash flow−$97.2MTaxes on employees’ shares−$42.0MShares issued$6.9MOther investing−$2.8MNet borrowing (+) / repaid (−)−$2.0MExchange rates−$1.4M
AST SpaceMobile: sources (+) and uses (−) of cash, TTM to Q2 2026AST SpaceMobile: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$3.2BCash drawn (+) / kept (−)−$1.8BCapital spending−$1.5BShares issued$928MOther investing−$597MOperating cash flow−$145MTaxes on employees’ shares−$79.0MOther financing−$2.9MExchange rates−$1.8M

From profit to cash

AST SpaceMobile: net income to operating cash flow, Q2 2026AST SpaceMobile: net income to operating cash flow, Q2 2026Net income−$300MDepreciation & amortization$20.7MStock-based pay$63.5MGains on disposals$200KReceivables−$51.8MInventory−$11.7MPayables$21.5MDeferred revenue$34.0MPrepaid and other assets−$2.8MOther operating capital−$3.2MOperating cash flow−$97.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$97.2M−$598M−$2.0M$6.9M$736M−$695M
Q1 2026−$48.1M−$262M$1.0B$83.2M−$679M−$310M
Q4 2025$65.0M−$396M$1.6B$723M−$1.6B−$331M
Q3 2025−$64.5M−$238M$568M$115M−$281M−$303M
Q2 2025−$43.5M−$310M$23.4M$410M−$64.9M−$354M
Q1 2025−$28.5M−$120M$449M$60.4M−$307M−$149M
Q4 2024−$28.4M−$82.0M−$48.6M$215M−$48.6M−$110M
Q3 2024−$33.4M−$30.3M−$63K$152M−$231M−$63.8M

AST SpaceMobile: income statement and cash flow

AST SpaceMobile, Q2 2026: revenue $31.5M (27× year over year), operating margin -948.0%. The chart follows the revenue to costs, profit and cash.

AST SpaceMobile: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.