AST SpaceMobile Inc (ASTS) Cash Flow Statement
Where ASTS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$71.5M
- Capital expenditures
- $1.06B 1,501.4% of revenue
- Free cash flow
- −$1.14B −1,602.2% margin
- Returned to shareholders
- —
- Change in cash
- $2.21B cash at year-end $2.78B
Cash from operations
−$71.5M
Capital expenditures
−$1.06B
Acquisitions & other
−$476.4M
Net borrowing (repayment)
+$1.60B
Shares issued
+$2.31B
Other financing
−$82.2M
Currency & other
−$2.4M
Change in cash
$2.21B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ASTS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ASTS cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$5.3M2018 | −$71.5M2025 | — | |
| Capital expenditures | $254,0002018 | $1.06B2025 | +229.2%/yr | |
| Free cash flow | −$5.6M2018 | −$1.14B2025 | — | |
| Free cash flow margin | −1,574.2%2018 | −1,602.2%2025 | −28.1 pts | |
| Stock-based compensation | $132,0002019 | $47.5M2025 | +166.7%/yr | |
| Share buybacks (net) | $02019 | $865,0002023 | — | |
| Capex / revenue | 71.3%2018 | 1,501.4%2025 | +1,430.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASTS cash flow by activity
OperatingInvestingFinancingChange in cash
ASTS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ASTS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$461.0M | −$526.3M | −$222.7M | −$103.1M | −$73.3M | −$24.4M | −$2.9M | −$4.4M |
| Depreciation & amortization | $51.1M | $63.3M | $54.5M | $4.7M | $2.9M | $887,000 | $188,000 | $32,000 |
| Stock-based compensation | $47.5M | $32.0M | $13.3M | $9.4M | $3.7M | $283,000 | $132,000 | — |
| Change in working capital | $109.7M | $21.8M | $13.7M | −$24.4M | $1.7M | $209,000 | $134,596 | −$1.3M |
| Other non-cash items | $181.2M | $283.0M | −$7.7M | −$43.0M | −$15.2M | $219,000 | $1.5M | $388,000 |
| Cash from operating activities | −$71.5M | −$126.1M | −$148.9M | −$156.5M | −$80.1M | −$22.8M | −$904,969 | −$5.3M |
| Investing activities | ||||||||
| Capital expenditures | −$1.06B | −$174.1M | −$118.8M | −$57.3M | −$54.8M | −$30.4M | −$3.7M | −$254,000 |
| Investments (net) | — | −$174.1M | −$108.0M | −$31.4M | −$54.8M | −$30.4M | — | — |
| Acquisitions & other investing | −$476.4M | $174.1M | $108.0M | $57.3M | $54.8M | $30.4M | −$226.3M | −$1.2M |
| Cash from investing activities | −$1.54B | −$174.1M | −$118.8M | −$31.4M | −$54.8M | −$30.4M | −$230.0M | −$1.5M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | −$865,000 | — | — | — | $6.1M | — |
| Net borrowing (repayment) | $1.60B | $96.2M | $63.3M | $230,000 | $49,000 | −$1.8M | $1.8M | $1.8M |
| Shares issued | $2.31B | $551.9M | $148.5M | $102.0M | $0 | $79.8M | $0 | $0 |
| Other financing | −$82.2M | $131.8M | −$94.2M | $87,000 | $416.9M | −$8.4M | $223.5M | $12.0M |
| Cash from financing activities | $3.83B | $780.0M | $116.7M | $102.3M | $416.9M | $69.7M | $231.4M | $13.8M |
| Summary | ||||||||
| Net change in cash | $2.21B | $479.4M | −$151.2M | −$85.3M | $281.8M | $16.3M | −$6.6M | $7.0M |
| Cash at end of period | $2.78B | $567.5M | $88.1M | $239.3M | $324.5M | $42.8M | $493,128 | $7.1M |
| Free cash flow | −$1.14B | −$300.3M | −$267.7M | −$213.7M | −$134.9M | −$53.2M | −$4.6M | −$5.6M |
| Free cash flow margin | −1,602.2% | −6,796.5% | — | −1,546.1% | −1,087.4% | −891.8% | −322.4% | −1,574.2% |
| Capex / revenue | 1,501.4% | 3,941.3% | — | 414.4% | 441.7% | 509.5% | 258.4% | 71.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$299.9M | −$191.0M | −$97.7M | −$122.9M | −$135.9M | −$63.6M | −$52.1M | −$303.1M | −$131.3M | −$39.8M | −$31.9M | −$50.7M |
| Depreciation & amortization | $20.7M | $17.6M | $15.7M | $15.0M | $11.7M | $11.0M | $8.5M | $14.5M | $20.4M | $19.9M | $19.6M | $19.0M |
| Stock-based compensation | $63.5M | $55.4M | $15.2M | $14.0M | $10.5M | $7.8M | $11.4M | $6.8M | $8.9M | $4.9M | $2.7M | $2.6M |
| Change in working capital | −$52.4M | $27.3M | $105.1M | −$33.0M | $4.7M | $12.3M | $13.8M | $10.2M | $13.6M | −$15.9M | $17.2M | $185,000 |
| Other non-cash items | $171.0M | $42.7M | $26.7M | $62.4M | $65.4M | $4.0M | −$10.0M | $238.1M | $72.3M | −$17.3M | −$32.5M | −$7.1M |
| Cash from operating activities | −$97.2M | −$48.1M | $65.0M | −$64.5M | −$43.5M | −$28.5M | −$28.4M | −$33.4M | −$16.2M | −$48.1M | −$24.9M | −$36.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$597.6M | −$261.6M | −$395.7M | −$238.4M | −$310.2M | −$120.5M | −$82.0M | −$30.3M | −$22.2M | −$39.6M | −$22.3M | −$73.5M |
| Investments (net) | — | — | — | −$266.4M | −$310.2M | −$120.5M | −$82.0M | −$30.3M | −$22.2M | −$39.6M | −$22.3M | −$73.5M |
| Acquisitions & other investing | −$2.8M | −$117.7M | −$448.4M | $238.4M | $310.2M | $120.5M | $82.0M | $30.3M | $22.2M | $39.6M | — | $73.5M |
| Cash from investing activities | −$600.5M | −$379.3M | −$844.1M | −$266.4M | −$310.2M | −$120.5M | −$82.0M | −$30.3M | −$22.2M | −$39.6M | — | −$73.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | −$430.4M | — | −$855.5M | $0 | $0 | — | — | −$926,000 | −$314,000 | — | −$46,000 |
| Net borrowing (repayment) | −$2.0M | $861.9M | $1.40B | −$274.5M | $23.4M | $449.2M | −$48.6M | −$63,000 | — | — | — | — |
| Shares issued | $5.0M | $695.0M | $1.73B | $113.8M | $406.5M | $56.3M | $213.0M | $149.0M | $82.2M | $107.7M | $291,000 | $134,000 |
| Other financing | −$37.1M | −$21.1M | −$794.6M | $1.63B | −$10.1M | −$49.6M | −$4.9M | $145.8M | $32.3M | $104.8M | −$927,000 | $53.7M |
| Cash from financing activities | −$34.0M | $1.11B | $2.34B | $611.4M | $419.8M | $455.9M | $159.5M | $294.7M | $113.6M | $212.2M | −$636,000 | $53.7M |
| Summary | ||||||||||||
| Net change in cash | −$736.0M | $678.9M | $1.56B | $280.7M | $64.9M | $306.9M | $48.6M | $231.3M | $75.1M | $124.3M | −$47.6M | −$55.7M |
| Cash at end of period | $2.72B | $3.46B | $2.78B | $1.22B | $939.4M | $874.5M | $567.5M | $518.9M | $287.6M | $212.4M | $88.1M | $135.7M |
| Free cash flow | −$694.8M | −$309.7M | −$330.7M | −$302.9M | −$353.6M | −$149.0M | −$110.5M | −$63.8M | −$38.4M | −$87.7M | −$47.2M | −$109.5M |
| Free cash flow margin | −2,204.2% | −2,101.5% | −609.0% | −2,055.0% | −30,592.0% | −20,752.4% | −5,759.7% | −5,795.8% | −4,261.6% | −17,538.0% | — | — |
| Capex / revenue | 1,896.0% | 1,775.4% | 728.7% | 1,617.6% | 26,831.0% | 16,776.6% | 4,277.0% | 2,756.8% | 2,466.9% | 7,913.6% | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ASTS cash generation
In fiscal 2025 (ended December 31, 2025), AST SpaceMobile generated -$71.5 million of cash from operations and spent $1.1 billion on capital expenditures, leaving free cash flow of -$1.1 billion, −1,602.2% of revenue. Cash and equivalents rose by $2.2 billion over the year.
Related: ASTS income statement, ASTS balance sheet. See the ASTS stock overview for the latest quote and news.
ASTS cash flow FAQ
What is AST SpaceMobile's free cash flow?
AST SpaceMobile's free cash flow was -$1.1 billion in fiscal 2025: -$71.5 million of operating cash flow minus $1.1 billion of capital expenditures It was -$300.3 million a year earlier..
How much cash does AST SpaceMobile generate from operations?
AST SpaceMobile generated -$71.5 million of cash from operating activities in fiscal 2025.
How much does AST SpaceMobile spend on capital expenditures?
AST SpaceMobile spent $1.1 billion on capital expenditures in fiscal 2025, 1,501.4% of revenue, compared with $174.1 million the year before.