AST SpaceMobile (ASTS), the company building a space-based cellular broadband network for unmodified smartphones, reported third-quarter revenue of $42.3 million, up from $14.7 million a year earlier, and said the result was consistent with plans for a quarterly revenue ramp during 2026.

The company said it remains on target for full-year 2026 revenue guidance of $150.0 million to $200.0 million, with upside based on recent contract signatures. Products revenue was $20.6 million and services revenue $21.8 million. The company attributed the quarter’s revenue to gateway deliveries and U.S. Government milestones.

Net loss attributable to common stockholders was $132.4 million, or $0.44 a share, compared with $122.9 million, or $0.45 a share, a year earlier.

Total operating expenses were $211.0 million. That was $118.1 million below $329.1 million in the second quarter, after a $125.9 million loss on involuntary conversion in the second quarter and an $8.2 million decrease in general and administrative costs, partly offset by higher engineering services, depreciation and amortization, cost of revenues and research and development.

Adjusted operating expenses, which exclude stock-based compensation, the involuntary-conversion loss and depreciation and amortization, increased $14.5 million to $133.6 million from $119.1 million in the second quarter, led by an $11.0 million rise in adjusted engineering services costs. Adjusted operating expenses excluding adjusted cost of revenues rose to $109.4 million from $95.9 million.

Cash, cash equivalents and restricted cash were approximately $3.2 billion as of September 30, 2026, including $2.80 billion of cash and cash equivalents. Gross capitalized property and equipment costs were approximately $2.6 billion, with accumulated depreciation and amortization of $236.8 million.

Chairman and Chief Executive Officer Abel Avellan said the company advanced initiatives to support global expansion of the network and expects to work with all major mobile network operators in the United States and Europe, providing potential expansion of a commercial ecosystem of over 60 mobile network operators representing over 3 billion subscribers.

The company said it expects nationwide intermittent service activation in the United States and other key markets before year-end 2026, with first coverage roll-out to partners in the United States, Canada, Japan, Saudi Arabia and the United Kingdom. It said it successfully validated first-ever satellite beam handovers between ground-based and space-based cellular broadband networks with AT&T.

Manufacturing is transitioning to full-scale ASIC integration beginning with BlueBird 34, with production through BlueBird 51 and a target production rate of six ASIC satellites per month in December 2026. BlueBirds 11, 12 and 13 are in orbit; BlueBirds 14, 15 and 16 shipped to Cape Canaveral in September; BlueBirds 17, 18 and 19 were expected to ship by the end of November 2026 for a Blue Origin launch expected in early first quarter 2027, and BlueBirds 20 through 25 were expected to ship in December and January for DPAS-rated dual-use launches during the first quarter of 2027. The company is targeting approximately 45 BlueBird satellites in orbit by middle 2027.

Launch agreements now cover in total over 100 BlueBird satellites expected to be deployed cumulatively between 2027 and 2028. The company announced Blacklift, a 20-ton reusable rocket intended to start deploying BlueBird satellites in late 2028. It secured a U.S. priority DPAS rating for a dual-use government and commercial satellite program and was awarded a U.S. Space Force SB-AMTI contract of approximately $100 million, bringing U.S. Government awards to 16 to date.

A J-LEO agreement with Japan’s Ministry of Internal Affairs and Communications and Rakuten features approximately $1.0 billion in non-dilutive funding for manufacturing and launch of midband satellites. The company cited an additional pipeline of approximately $1.2 billion in non-dilutive U.S. quasi-governmental financing for 2027.