AST SpaceMobile Inc (ASTS) Balance Sheet
ASTS balance sheet, 2025
December 31, 2025 · U.S. dollars$5.01B assets = $2.62B liabilities + $2.39B equity
Both columns are drawn to the same scale: what ASTS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ASTS financial health
Descriptive bands, not a rating. Fiscal 2025.
ASTS balance sheet trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.2M2018 | $5.01B2025 | +133.6%/yr | |
| Total liabilities | $1.2M2018 | $2.62B2025 | +201.5%/yr | |
| Shareholders’ equity | $9.1M2018 | $1.84B2025 | +113.5%/yr | |
| Cash & short-term investments | $7.1M2018 | $2.34B2025 | +128.8%/yr | |
| Total debt | $1.8M2019 | $2.24B2025 | +229.5%/yr | |
| Net cash (debt) | $24.7M2019 | $96.2M2025 | +$71.4M | |
| Working capital | $7.0M2018 | $2.31B2025 | +$2.3B | |
| Book value per share | $1.212023 | $7.192025 | +143.8%/yr | |
| Debt / equity | 0.062019 | 1.222025 | +1.15 | |
| Shares outstanding | 81.8M2023 | 256.0M2025 | +76.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASTS assets
ASTS liabilities and equity
ASTS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ASTS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $2.34B | $565.0M | $85.6M | $238.6M | $321.8M | $42.8M | $26.5M | $7.1M |
| Cash & equivalents | $2.34B | $565.0M | $85.6M | $238.6M | $321.8M | $42.8M | $26.5M | $7.1M |
| Short-term investments | — | — | — | — | — | — | $231.2M | — |
| Receivables | $37.7M | $1.4M | $1.2M | $1.7M | $2.2M | $2.1M | $328,000 | $451,000 |
| Inventory | $12.0M | $1.1M | $0 | $27.7M | $1.4M | $2.6M | $182,000 | $32,000 |
| Other current assets | $73.1M | $32.8M | $20.1M | $334,000 | $10.4M | $3.5M | $731,000 | $580,000 |
| Total current assets | $2.46B | $600.2M | $106.9M | $268.3M | $335.8M | $50.9M | $27.7M | $8.2M |
| Property, plant & equipment (net) | $1.42B | $351.7M | $251.7M | $153.7M | $103.9M | $44.1M | $3.8M | $299,000 |
| Goodwill & intangible assets | $245.1M | $0 | $0 | $0 | $3.9M | $4.4M | $4.3M | $4.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $232.2M | $0 | $0 |
| Other non-current assets | $892.6M | $2.6M | $2.3M | $16.4M | $317,000 | $0 | $162,000 | $160,000 |
| Total assets | $5.01B | $954.6M | $360.9M | $438.4M | $443.9M | $99.6M | $35.9M | $13.2M |
| Liabilities | ||||||||
| Accounts payable | $46.8M | $17.0M | $20.6M | $13.9M | $6.6M | $5.0M | $1.6M | $496,000 |
| Short-term debt | $14.4M | $4.8M | $1.7M | $964,000 | $634,000 | $504,000 | $1.8M | — |
| Deferred revenue | $19.9M | $42.0M | $8.1M | — | $6.6M | $3.4M | −$3.3M | — |
| Total current liabilities | $150.3M | $75.9M | $46.2M | $27.8M | $21.4M | $13.1M | $6.2M | $1.2M |
| Long-term debt | $2.21B | $155.6M | $59.3M | $4.8M | $5.0M | $0 | $0 | $0 |
| Lease obligations | $19.9M | $14.5M | $13.4M | $7.8M | $8.2M | $7.0M | — | — |
| Other long-term liabilities | $264.1M | $53.9M | $41.9M | $46.0M | $65.6M | $6.5M | $24.0M | $0 |
| Total liabilities | $2.62B | $285.4M | $147.3M | $78.5M | $92.0M | $19.7M | $6.2M | $1.2M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $39,000 | $32,000 | $22,000 | $20,000 | $18,000 | $5.5M | $5.2M | $5.0M |
| Retained earnings (deficit) | −$831.7M | −$489.7M | −$189.7M | −$102.1M | −$70.5M | −$39.9M | −$15.8M | −$5.0M |
| Accumulated other comprehensive income | $1.4M | −$176,000 | $227,000 | $229,000 | −$433,000 | −$168,000 | −$429,000 | −$349,000 |
| Minority interest | $550.9M | $190.0M | $114.6M | $226.3M | — | — | — | — |
| Total shareholders' equity | $1.84B | $479.1M | $99.0M | $133.5M | $100.3M | $77.5M | $27.1M | $9.1M |
| Key figures | ||||||||
| Total debt | $2.24B | $173.0M | $72.9M | $12.8M | $13.2M | $7.0M | $1.8M | — |
| Net cash (debt) | $96.2M | $392.0M | $12.8M | $225.8M | $308.6M | $35.7M | $24.7M | — |
| Working capital | $2.31B | $524.3M | $60.7M | $240.5M | $314.4M | $37.8M | $21.5M | $7.0M |
| Tangible book value | $1.60B | $479.1M | $99.0M | $133.5M | $96.4M | $73.1M | $22.9M | $4.5M |
| Book value per share | $7.19 | $3.10 | $1.21 | — | — | — | — | — |
| Shares outstanding | 256.0M | 154.5M | 81.8M | — | — | — | — | — |
| Current ratio | 16.35 | 7.90 | 2.31 | 9.65 | 15.71 | 3.88 | 4.47 | 7.07 |
| Quick ratio | 15.79 | 7.46 | 1.88 | 8.64 | 15.15 | 3.42 | 4.33 | 6.54 |
| Debt / equity | 1.22 | 0.36 | 0.74 | 0.10 | 0.13 | 0.09 | 0.06 | — |
| Equity / assets | 36.7% | 50.2% | 27.4% | 30.5% | 22.6% | 77.8% | 75.5% | 69.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.29B | $3.03B | $2.34B | $1.20B | $923.6M | $873.8M | $565.0M | $516.4M | $285.1M | $210.0M | $85.6M | $135.7M |
| Cash & equivalents | $2.29B | $3.03B | $2.34B | $1.20B | $923.6M | $873.8M | $565.0M | $516.4M | $285.1M | $210.0M | $85.6M | $135.7M |
| Receivables | $79.3M | $27.5M | $37.7M | $11.5M | $0 | $0 | $1.4M | $0 | $0 | $1.2M | $0 | $2.4M |
| Inventory | $28.4M | $16.8M | $12.0M | $10.9M | $0 | $0 | $1.1M | $0 | $0 | $0 | $0 | $6.3M |
| Other current assets | $97.7M | $78.8M | $73.1M | $50.3M | $49.6M | $20.8M | $32.8M | $29.2M | $30.1M | $28.4M | $21.3M | $18.7M |
| Total current assets | $2.49B | $3.15B | $2.46B | $1.28B | $973.2M | $894.6M | $600.2M | $545.6M | $315.2M | $239.5M | $106.9M | $163.1M |
| Property, plant & equipment (net) | $2.09B | $1.66B | $1.42B | $1.02B | $776.6M | $464.2M | $351.7M | $272.2M | $260.5M | $258.1M | $251.7M | $237.5M |
| Goodwill & intangible assets | $298.7M | $267.7M | $245.1M | $213.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $972.0M | $973.3M | $892.6M | $36.8M | $131.5M | $10.8M | $2.6M | $3.9M | $4.0M | $4.1M | $2.3M | $1.6M |
| Total assets | $5.85B | $6.05B | $5.01B | $2.55B | $1.88B | $1.37B | $954.6M | $821.6M | $579.6M | $501.7M | $360.9M | $402.1M |
| Liabilities | ||||||||||||
| Accounts payable | $60.6M | $60.9M | $46.8M | $50.7M | $22.7M | $10.8M | $17.0M | $9.0M | $12.2M | $14.5M | $20.6M | $7.8M |
| Short-term debt | $12.2M | $11.3M | $14.4M | $11.1M | $9.8M | $5.5M | $4.8M | $47.7M | $1.8M | $1.8M | — | $1.4M |
| Deferred revenue | $14.8M | $25.9M | — | $23.1M | $43.1M | $41.8M | $42.0M | $22.5M | $21.8M | — | — | — |
| Total current liabilities | $191.0M | $170.7M | $150.3M | $133.6M | $118.3M | $84.2M | $75.9M | $94.1M | $49.4M | $31.9M | $46.2M | $26.9M |
| Long-term debt | $2.96B | $2.96B | $2.21B | $697.6M | $482.5M | $462.2M | $155.6M | $156.3M | $199.5M | $160.8M | $59.3M | $58.5M |
| Lease obligations | $21.8M | $19.9M | $19.9M | $15.9M | $15.5M | $13.9M | $14.5M | $12.6M | $12.5M | $12.9M | $13.4M | $13.4M |
| Other long-term liabilities | $302.8M | $256.3M | $264.1M | $93.7M | $122.8M | $56.6M | $53.9M | $68.5M | $88.8M | $23.2M | $41.9M | $29.5M |
| Total liabilities | $3.46B | $3.39B | $2.62B | $924.9M | $723.6M | $603.0M | $285.4M | $318.8M | $337.8M | $215.9M | $147.3M | $114.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $38,000 | $38,000 | $39,000 | $38,000 | $36,000 | $35,000 | $32,000 | $29,000 | $27,000 | $26,000 | — | $22,000 |
| Retained earnings (deficit) | −$1.25B | −$1.02B | −$831.7M | −$757.7M | −$634.8M | −$535.5M | −$489.7M | −$453.9M | −$281.9M | −$209.4M | −$189.7M | −$157.7M |
| Accumulated other comprehensive income | $1.5M | $1.1M | $1.4M | $1.2M | $1.1M | $98,000 | −$176,000 | $353,000 | $52,000 | $120,999 | — | $11,000 |
| Minority interest | $503.6M | $581.5M | $550.9M | $385.6M | $290.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.89B | $2.08B | $1.84B | $1.24B | $867.4M | $568.6M | $479.1M | $308.9M | $145.2M | $164.5M | $99.0M | $127.8M |
| Key figures | ||||||||||||
| Total debt | $2.99B | $2.99B | $2.24B | $722.5M | $505.6M | $479.8M | $173.0M | $215.0M | $212.3M | $174.0M | $59.3M | $71.9M |
| Net cash (debt) | −$705.5M | $38.2M | $96.2M | $481.8M | $418.0M | $394.0M | $392.0M | $301.4M | $72.8M | $36.0M | $26.4M | $63.8M |
| Working capital | $2.30B | $2.98B | $2.31B | $1.14B | $854.9M | $810.4M | $524.3M | $451.5M | $265.8M | $207.6M | $60.7M | $136.2M |
| Tangible book value | $1.60B | $1.81B | $1.60B | $1.03B | $867.4M | $568.6M | $479.1M | $308.9M | $145.2M | $164.5M | $99.0M | $127.8M |
| Book value per share | $6.33 | $7.15 | $7.19 | $4.55 | $3.58 | $2.54 | $2.40 | $1.98 | $1.03 | $1.35 | $1.10 | $1.43 |
| Shares outstanding | 299.1M | 290.7M | 256.0M | 272.8M | 242.0M | 224.0M | 199.2M | 155.6M | 141.2M | 121.4M | 90.2M | 89.5M |
| Current ratio | 13.05 | 18.47 | 16.35 | 9.56 | 8.23 | 10.62 | 7.90 | 5.80 | 6.38 | 7.51 | 2.31 | 6.06 |
| Quick ratio | 12.39 | 17.91 | 15.79 | 9.10 | 7.81 | 10.38 | 7.46 | 5.49 | 5.77 | 6.62 | 1.85 | 5.13 |
| Debt / equity | 1.58 | 1.44 | 1.22 | 0.58 | 0.58 | 0.84 | 0.36 | 0.70 | 1.46 | 1.06 | 0.60 | 0.56 |
| Equity / assets | 32.3% | 34.4% | 36.7% | 48.6% | 46.1% | 41.5% | 50.2% | 37.6% | 25.1% | 32.8% | 27.4% | 31.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
ASTS financial position
At the end of fiscal 2025 (December 31, 2025), AST SpaceMobile had total assets of $5.0 billion (up 425.3% from a year earlier), total liabilities of $2.6 billion and shareholders' equity of $1.8 billion. It held $2.3 billion in cash and short-term investments against $2.2 billion of debt, a net cash position of $96.2 million. Its current ratio was 16.35. In the latest quarter (ended June 30, 2026) total assets were $5.9 billion and equity $1.9 billion.
Related: ASTS income statement, ASTS cash flow statement, ASTS key metrics. See the ASTS stock overview for the latest quote and news.
ASTS balance sheet FAQ
What are AST SpaceMobile's total assets?
AST SpaceMobile reported total assets of $5.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $954.6 million a year earlier.
How much debt does AST SpaceMobile have?
AST SpaceMobile had $2.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.22.
How much cash does AST SpaceMobile have?
AST SpaceMobile held $2.3 billion in cash and short-term investments at the end of fiscal 2025; with $2.2 billion of debt that is net cash of $96.2 million.
What is AST SpaceMobile's book value?
AST SpaceMobile's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $7.19 per share.
What is AST SpaceMobile's current ratio?
AST SpaceMobile had current assets of $2.5 billion and current liabilities of $150.3 million, a current ratio of 16.35 (it can cover its short-term obligations).
How much goodwill does AST SpaceMobile have?
AST SpaceMobile carried $245.1 million of goodwill and intangible assets, 4.9% of total assets, at the end of fiscal 2025.