The number that moved at AST SpaceMobile is the cash line, and it moved by a factor of more than thirty. Its filings show cash and equivalents of about $85.6 million at the end of 2023, $565 million at the end of 2024, and $2.34 billion at the end of 2025, per the FY2025 10-K. The Q1 2026 10-Q then reports roughly $3.03 billion at March 31, 2026.
To read that line correctly you have to pair it with the revenue line, and the revenue line is the point. The prior annual report reports FY2024 revenue of about $13.8 million — a rounding error against a multi-billion-dollar satellite build. AST is, in financial terms, a pre-revenue company. It is not selling a service yet; it is building the constellation that would one day sell one.
For a company in that position, the cash balance is not a supporting metric — it is the strategy, restated as a number. The job, every quarter, is to keep enough money on hand to fund the next tranche of satellite manufacturing and launch before the network is complete enough to earn. Run out before the constellation works, and there is no service to sell.
Where does the cash come from? Not from customers — from the capital markets. AST has repeatedly raised money by issuing new stock, and that is the trade every pre-revenue space company makes: dilution in exchange for survival. Existing shareholders own a smaller slice of a company that, with each raise, has a better chance of actually finishing the network. The cash line going up and the share count going up are the same story told twice.
The filings, surfaced via EdgarBeast and recorded on sec.gov, are explicit about the constellation this funds: a network of BlueBird satellites delivering space-based cellular broadband direct to ordinary phones. A {sec_link(ASTS_424[0],'February 2026 prospectus supplement')} describes the successful unfolding of the BlueBird 6 satellite, which it characterizes as carrying the largest commercial communications array antenna deployed in low Earth orbit.
The institutional read: do not treat a rising cash balance as proof of success, and do not treat dilution as failure. For a pre-revenue constellation builder, both are simply the cost of staying in the game long enough to find out whether the game can be won.