AST SpaceMobile, Inc.

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

ASTS$33.69-8.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Operations for the three and

	For The Three MonthsEnded September 30,		For The Nine MonthsEnded September 30,
	2025	2024	2025	2024
Revenues	$14,739	$1,100	$16,613	$2,500
Operating expenses:
Cost of revenues (exclusive of items shown below)	5,511	-	5,803	-
Engineering services costs	40,836	21,828	96,346	62,546
General and administrative costs	29,822	15,551	75,448	45,677
Research and development costs	5,530	14,724	19,058	23,435
Depreciation and amortization	12,716	14,543	35,394	54,880
Total operating expenses	94,415	66,646	232,049	186,538
Other (expense) income:
Gain (loss) on remeasurement of warrant liabilities	2,938	(236,912)	(65,300)	(284,839)
Interest expense	(7,545)	(5,400)	(17,938)	(14,732)
Interest income	12,239	4,014	28,452	8,886
Other (expense) income, net	(91,409)	1,410	(91,852)	1,661
Total other (expense) income, net	(83,777)	(236,888)	(146,638)	(289,024)
Loss before income tax expense	(163,453)	(302,434)	(362,074)	(473,062)
Income tax expense	(374)	(646)	(1,284)	(1,172)
Net loss before allocation to noncontrolling interest	(163,827)	(303,080)	(363,358)	(474,234)
Net loss attributable to noncontrolling interest	(40,953)	(131,134)	(95,384)	(210,008)
Net loss attributable to common stockholders	$(122,874)	$(171,946)	$(267,974)	$(264,226)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted	$(0.45)	$(1.10)	$(1.09)	$(1.89)
Weighted-average number of shares
Basic and diluted	272,831,168	155,644,888	246,490,060	139,485,036

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

(Dollars in thousands)

	For The Three MonthsEnded September 30,		For The Nine MonthsEnded September 30,
	2025	2024	2025	2024
Net loss before allocation to noncontrolling interest	$(163,827)	$(303,080)	$(363,358)	$(474,234)
Other comprehensive income (loss)
Foreign currency translation adjustments	105	529	1,883	190
Total other comprehensive income (loss)	105	529	1,883	190
Total comprehensive loss before allocation to noncontrolling interest	(163,722)	(302,551)	(361,475)	(474,044)
Comprehensive loss attributable to noncontrolling interest	(40,914)	(130,906)	(94,851)	(209,944)
Comprehensive loss attributable to common stockholders	$(122,808)	$(171,645)	$(266,624)	$(264,100)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Additional · AccumulatedOther
	Shares	Values	Shares	Values	Shares	Values	Paid-inCapital	Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest	Total Equity
Balance, June 30, 2025	250,511,819	$24	11,227,292	$4	78,163,078	$8	$1,501,070	$1,108	$(634,845)	$290,381	$1,157,750
Stock-based compensation	-	-	-	-	-	-	13,920	-	-	67	13,987
Issuance of common stock, net of issuance costs	2,476,311	-	-	-	-	-	86,401	-	-	26,129	112,530
Issuance of equity under employee stock plan	78,883	-	-	-	-	-	145	-	-	706	851
Issuance of equity to acquire spectrum priority rights	581,395	-	-	-	-	-	20,183	-	-	5,817	26,000
Vesting of restricted stock units	486,351	-	-	-	-	-	(7,290)	-	-	(3,142)	(10,432)
Capped call	-	-	-	-	-	-	(40,348)	-	-	(13,702)	(54,050)
2032 4.25% Convertible Notes settlement	15,225,903	2	-	-	-	-	343,034	-	-	98,138	441,174
Warrant exercise	2,294,380	-	-	-	-	-	78,875	-	-	23,055	101,930
Redemption of AST LLC Common Units for Class A Common Stock	326,852	-	-	-	-	-	984	-	-	(984)	-
Foreign currency translation adjustments	-	-	-	-	-	-	-	66	-	39	105
Net loss	-	-	-	-	-	-	-	-	(122,874)	(40,953)	(163,827)
Balance, September 30, 2025	271,981,894	$26	11,227,292	$4	78,163,078	$8	$1,996,974	$1,174	$(757,719)	$385,551	$1,626,018

Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Additional · AccumulatedOther
	Shares	Values	Shares	Values	Shares	Values	Paid-inCapital	Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest	Total Equity
Balance, December 31, 2024	208,173,198	$20	11,227,292	$4	78,163,078	$8	$969,004	$(176)	$(489,745)	$190,031	$669,146
Stock-based compensation	-	-	-	-	-	-	32,065	-	-	273	32,338
Issuance of common stock, net of issuance costs	16,523,766	1	-	-	-	-	426,409	-	-	138,933	565,343
Issuance of equity under employee stock plan	847,354	-	-	-	-	-	4,259	-	-	3,784	8,043
Issuance of equity to acquire spectrum priority rights	581,395	-	-	-	-	-	20,183	-	-	5,817	26,000
Vesting of restricted stock units	1,174,938	-	-	-	-	-	(12,880)	-	-	(5,799)	(18,679)
Issuance of penny warrants	-	-	-	-	-	-	89,196	-	-	31,960	121,156
Capped call	-	-	-	-	-	-	(72,036)	-	-	(26,542)	(98,578)
2034 Convertible Notes settlement	25,818,541	3	-	-	-	-	115,601	-	-	24,016	139,620
2032 4.25% Convertible Notes settlement	15,225,903	2	-	-	-	-	343,034	-	-	98,138	441,174
Warrant exercise	2,294,380	-	-	-	-	-	78,875	-	-	23,055	101,930
Redemption of AST LLC Common Units for Class A Common Stock	1,342,419	-	-	-	-	-	3,264	-	-	(3,264)	-
Foreign currency translation adjustments	-	-	-	-	-	-	-	1,350	-	533	1,883
Net loss	-	-	-	-	-	-	-	-	(267,974)	(95,384)	(363,358)
Balance, September 30, 2025	271,981,894	$26	11,227,292	$4	78,163,078	$8	$1,996,974	$1,174	$(757,719)	$385,551	$1,626,018

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Additional · AccumulatedOther
	Shares	Values	Shares	Values	Shares	Values	Paid-inCapital	ComprehensiveIncome	Accumulated Deficit	Noncontrolling Interest	Total Equity
Balance, June 30, 2024	148,751,110	$15	39,747,447	$4	78,163,078	$8	$427,096	$52	$(281,942)	$96,637	$241,870
Stock-based compensation	-	-	-	-	-	-	6,683	-	-	127	6,810
Issuance of common stock, net of issuance costs	6,463,549	1	-	-	-	-	86,101	-	-	58,774	144,876
Issuance of equity under employee stock plan	356,497	-	-	-	-	-	1,813	-	-	1,140	2,953
Vesting of restricted stock units	372,824	-	-	-	-	-	(1,948)	-	-	(137)	(2,085)
Warrant exercises	13,971,450	1	-	-	-	-	242,570	-	-	168,357	410,928
Redemption of AST LLC Common Units for Class A Common Stock	123,875	-	-	-	-	-	111	-	-	(111)	-
Foreign currency translation adjustments	-	-	-	-	-	-	-	301	-	228	529
Net loss	-	-	-	-	-	-	-	-	(171,946)	(131,134)	(303,080)
Balance, September 30, 2024	170,039,305	$17	39,747,447	$4	78,163,078	$8	$762,426	$353	$(453,888)	$193,881	$502,801

Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Additional · AccumulatedOther
Shares · Values · Shares · Values · Shares · Values · Paid-inCapital · ComprehensiveIncome · Accumulated Deficit · Noncontrolling Interest · Total Equity
Balance, December 31, 2023	90,161,309	$9	50,041,757	$5	78,163,078	$8	$288,404	$227		$(189,662)		$114,568	$213,559
Stock-based compensation	-	-	-	-	-	-	15,396	-		-		5,221	20,617
Issuance of common stock, net of issuance costs	53,285,479	6	-	-	-	-	205,049	-		-		126,953	332,008
Issuance of equity under employee stock plan	362,541	-	-	-	-	-	1,908	-		-		1,150	3,058
Vesting of restricted stock units	1,194,327	-	-	-	-	-	(2,641)	-		-		(684)	(3,325)
Warrant exercises	13,971,450	1				242,570			168,357		410,928
Redemption of AST LLC Common Units for Class A Common Stock	11,064,199	1	(10,294,310)	(1)	-	-	11,740	-		-		(11,740)	-
Foreign currency translation adjustments	-	-	-	-	-	-	-	126		-		64	190
Net loss	-	-	-	-	-	-	-	-		(264,226)		(210,008)	(474,234)
Balance, September 30, 2024	170,039,305	$17	39,747,447	$4	78,163,078	$8	$762,426	$353		$(453,888)		$193,881	$502,801

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.