AST SpaceMobile - Q3 2026 Earnings Call

AST SpaceMobile's Q3 2026 update: $42.3M revenue, $3.2B cash, a $1B Japan J-LEO subsidy and BlackLift, ASTS's own 20-tonne rocket.

AST SpaceMobile walks through its third quarter 2026 business update, covering four milestones: first service, launch capability, government work and capital. The company says it is on track for nationwide direct-to-cell service in the US and other key markets before year end 2026, and reports it validated a satellite-to-ground handover with AT&T. It also covers its spectrum strategy, its 60+ mobile network operator partners and its Block 2 ASIC-enabled Bluebirds.

The big new item for ASTS stock is BlackLift, a reusable 20-tonne rocket built around Firefly's Miranda engine technology, with launches planned for late 2028. AST SpaceMobile explains why it wants unconstrained access to orbit alongside its launch agreements covering 100+ Bluebird satellites in 2027 and 2028, plus its DPAS rating for government launches. The team also details the roughly $1B J-LEO non-dilutive funding from Japan and a $1.2B pipeline of additional quasi-government financing.

On the financials, management reiterates full-year 2026 revenue guidance of $150M to $200M and walks through Q3 operating expenses, CapEx guidance and the $1.5B convertible notes. The call closes with analyst Q&A on 2027 revenue building blocks, satellite manufacturing at 6 per month, BlackLift launch sites, sovereign constellations, beta trials and what owner's economics could do to Bluebird costs.

00:00 Introduction

02:02 Four milestones of the quarter

05:01 Nationwide service and AT&T handover

06:48 Bluebird launch timeline

07:57 BlackLift rocket explained

11:46 Firefly Miranda engine

15:52 Government, sovereign and J-LEO

18:31 Q3 financial update

28:06 Balance sheet and convertible notes

29:32 Shareholder questions

37:03 Analyst Q&A: 2027 revenue

40:04 BlackLift production and Firefly payments

43:51 Manufacturing and launch visibility

46:03 BlackLift launch pads

48:23 $1.2B non-dilutive financing pipeline

53:04 Rocket reusability and engine confidence

58:07 Beta trials and satellite costs

1:00:48 ASIC shift and Bluebird 11

1:04:23 Sovereign constellations and spectrum

1:07:40 J-LEO funding and MNO partners

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