AST SpaceMobile posted second-quarter revenue of $1.16 million, well below analysts’ expectations of about $5–7 million, and recorded a GAAP loss of $0.41 a share versus a projected $0.21 loss. The satellite-to-smartphone venture reported a net loss of $99.4 million on operating expenses of $74.0 million. Despite the shortfall, the Midland, Texas-based company kept its outlook for $50 million to $75 million in revenue during the second half of 2025, citing commitments from government and commercial customers. Management said the balance sheet held $939.4 million in cash and equivalents at quarter-end, or roughly $1.5 billion on a pro-forma basis after recent financing transactions. AST SpaceMobile confirmed it remains fully funded to deploy 45–60 satellites by the end of 2026, enabling continuous direct-to-device cellular coverage. The company plans at least five orbital launches by the first quarter of 2026 and expects to ship its next satellite, FM1, later this month.