NEW YORK, March 2, 2026, 17:08 EST
- AST SpaceMobile posted a steep jump in fourth-quarter revenue, but losses per share also widened.
- Orange and Vodafone are racing to expand their mobile networks with satellite coverage, highlighting how quickly the sector is shifting.
- Investors are eyeing how frequently launches are happening—plus, they’re waiting to see if those operator agreements actually translate into paying customers.
AST SpaceMobile (ASTS) reported a sharp increase in quarterly revenue, climbing to $54.3 million from last year’s $1.9 million, even as its loss per share stretched to 26 cents. The satellite-to-smartphone company pointed to more than $3.9 billion in cash and liquidity on a pro forma basis, thanks to its February convertible-notes sale. Shares rallied roughly 10% to $86.92 late in the session. 1
Telecom operators are in a rush to patch satellite links into their mobile networks, aiming both to plug coverage holes and to offer backup if towers go down. The term “direct-to-device” has become shorthand for this setup — essentially, it lets a regular phone connect to a satellite, no extra hardware needed.
Heading into Monday, consensus estimates were parked at $41.6 million for fourth-quarter revenue and a GAAP loss per share close to 20 cents. After a streak of disappointing earnings and revenue figures, this quarter was shaping up as a critical test for the stock. 2
AST’s latest revenue stream comes mainly from early-stage commercial deals and government projects, as it works on setting up the backbone for broader deployment. A “gateway” refers to a ground station connecting satellite signals to land-based networks.
Orange announced Monday it’s inked a memorandum of understanding with AST SpaceMobile, plus Satellite Connect Europe — that’s the AST-Vodafone joint venture. The group is eyeing a demonstration in Romania for the back half of 2026, spanning voice, SMS, and data. “Direct-to-Device satellite connectivity is an essential complement to our mobile networks,” Orange CEO Christel Heydemann said. 3
With the AST deal, Orange brings another satellite name into the mix, joining Eutelsat and SpaceX’s Starlink as part of its multi-vendor lineup. The French operator is picking satellite partners by looking at what works best for each market—coverage, local gateways and other specifics come into play, a spokesperson told Reuters. Orange is targeting expanded satellite-to-smartphone services, eyeing both Europe and its African footprint. 4
Vodafone has inked an agreement with Amazon’s low-Earth orbit satellite network to hook up 4G and 5G mobile masts in far-flung corners of Europe and Africa—a different approach than direct-to-phone services. According to Vodafone, rollout begins this year in Germany and other European markets. The company also flagged plans for satellite-powered connections to regular smartphones via AST SpaceMobile, though it hasn’t provided a launch timeline. 5
AST heads into earnings with a reputation for big promises on paper and a tough execution path. The company touts commercial deals with over 50 mobile network operators—including major names like AT&T, Verizon, and Saudi Telecom Group—that together reach close to three billion subscribers, according to Barchart. As President Scott Wisniewski put it: “There’s not an operator around the world who doesn’t want to meet with us.” 6
Some investors seem to be moving past the tech demo phase, zeroing in on the operational hurdles ahead. In a fourth-quarter letter, Crossroads Capital described AST’s shift from R&D roots to a company “laser-focused on execution,” now locked in on scaling up. The firm pointed to advances with BlueBird 6 and cited AST’s goal of fielding 45 to 60 satellites by the end of 2026. 7
The downside’s still on the table. Losses continue. Timelines for launches can stretch, and putting a constellation in orbit isn’t cheap, even with the supply chain holding up. Financing can bridge some gaps, though convertible notes bring debt that might flip into equity—so if the company needs more cash, dilution is back in play.
Investors are watching three things: Will more operators sign on? Does a trial like Orange’s convert to an actual paying deal? And can AST pull off regular launches without costs getting out of hand?
