AST Spacemobile financial model
AST Spacemobile financial model in Excel: a 3-statement model (income statement, balance sheet, cash flow) with a DCF valuation, 2024–2036, built automatically by Skale from 8 published documents.
Preview the Excel
The first rows of each sheet, as they open in Excel.
AST Spacemobile summary financials
USD thousands · historical and projected years 2024–2036. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD thousands | Unit | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 2034E | 2035E | 2036E |
| Income statement | ||||||||||||||
| Revenue | USD thousands | 4,418.0 | 70,918.0 | 142,880.0 | 289,653.4 | 590,267.4 | 1,208,898.6 | 2,487,363.8 | 5,139,601.5 | 10,660,865.3 | 22,190,347.2 | 46,332,617.4 | 97,009,009.5 | 203,611,180.9 |
| Revenue growth | % | 1505.2% | 101.5% | 102.7% | 103.8% | 104.8% | 105.8% | 106.6% | 107.4% | 108.1% | 108.8% | 109.4% | 109.9% | |
| Gross profit | USD thousands | 4,418.0 | 35,702.0 | 52,937.0 | 115,701.8 | 266,212.4 | 616,675.6 | 1,433,049.0 | 3,332,242.9 | 7,740,038.1 | 17,939,455.3 | 39,434,489.6 | 86,877,179.5 | 182,466,259.7 |
| Gross margin | % | 100.0% | 50.3% | 37.0% | 39.9% | 45.1% | 51.0% | 57.6% | 64.8% | 72.6% | 80.8% | 85.1% | 89.6% | 89.6% |
| EBITDA | USD thousands | (236,602.0) | (477,537.0) | (382,359.9) | (207,587.0) | 147,339.7 | 978,176.1 | 2,871,084.3 | 7,050,290.3 | 16,716,807.2 | 37,044,706.8 | 81,990,241.8 | 172,282,823.4 | |
| EBITDA margin | % | (333.6%) | (334.2%) | (132.0%) | (35.2%) | 12.2% | 39.3% | 55.9% | 66.1% | 75.3% | 80.0% | 84.5% | 84.6% | |
| EBIT | USD thousands | (242,762.0) | (287,713.0) | (562,013.0) | (566,545.7) | (497,733.3) | (240,479.5) | 500,323.5 | 2,310,240.1 | 6,412,945.8 | 16,008,945.8 | 36,271,843.8 | 81,157,461.4 | 171,394,812.1 |
| EBIT margin | % | (5494.8%) | (405.7%) | (393.3%) | (195.6%) | (84.3%) | (19.9%) | 20.1% | 44.9% | 60.2% | 72.1% | 78.3% | 83.7% | 84.2% |
| Pre-tax income | USD thousands | (525,002.0) | (457,113.0) | (859,837.0) | (553,744.9) | (560,170.5) | (377,879.7) | 281,572.8 | 2,012,719.4 | 6,054,564.2 | 15,642,734.2 | 36,066,309.2 | 81,431,706.6 | 173,007,942.1 |
| Income taxes | USD thousands | 1,328.0 | 3,898.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 | 1,090.0 |
| Effective tax rate | % | (0.3%) | (0.9%) | (0.1%) | (0.2%) | (0.2%) | (0.3%) | 0.4% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | USD thousands | (526,330.0) | (461,011.0) | (860,927.0) | (554,834.9) | (561,260.5) | (378,969.7) | 280,482.8 | 2,011,629.4 | 6,053,474.2 | 15,641,644.2 | 36,065,219.2 | 81,430,616.6 | 173,006,852.1 |
| Net income to shareholders | USD thousands | (300,083.0) | (341,940.0) | (670,253.0) | (425,652.7) | (430,582.2) | (290,734.2) | 215,178.0 | 1,543,261.8 | 4,644,044.1 | 11,999,800.8 | 27,668,155.7 | 62,471,129.4 | 132,725,673.7 |
| Net margin | % | (6792.3%) | (482.2%) | (469.1%) | (147.0%) | (72.9%) | (24.0%) | 8.7% | 30.0% | 43.6% | 54.1% | 59.7% | 64.4% | 65.2% |
| Earnings per share | per share | (1.94) | (1.34) | (2.26) | (1.24) | (1.08) | (0.63) | 0.40 | 2.49 | 6.46 | 14.41 | 28.66 | 55.84 | 102.37 |
| Cash flow | ||||||||||||||
| Cash flow from operations | USD thousands | (76,141.0) | (579,552.0) | (422,863.6) | (482,064.5) | (559,503.2) | (577,431.5) | (361,143.4) | 498,200.4 | 3,449,837.1 | 9,183,907.9 | 24,527,421.0 | 49,077,670.3 | |
| Capex | USD thousands | 1,121,138.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | 1,619,872.0 | |
| Unlevered free cash flow | USD thousands | (1,382,251.0) | (2,169,811.0) | (2,183,628.6) | (2,169,087.7) | (2,129,120.5) | (1,914,094.8) | (1,215,288.2) | 646,075.6 | 5,837,994.6 | 16,166,627.8 | 41,592,794.7 | 86,125,856.8 | |
| FCF margin | % | (1949.1%) | (1518.6%) | (753.9%) | (367.5%) | (176.1%) | (77.0%) | (23.6%) | 6.1% | 26.3% | 34.9% | 42.9% | 42.3% | |
| Balance sheet | ||||||||||||||
| Cash and cash equivalents | USD thousands | 567,534.0 | 2,779,960.0 | 3,233,480.0 | 881,677.6 | (1,949,407.6) | (4,440,649.2) | (6,852,867.1) | (8,716,641.4) | (9,197,373.3) | (4,276,874.0) | 9,843,411.3 | 50,844,828.1 | 135,274,146.8 |
| Financial debt | USD thousands | 158,492.0 | 2,219,582.0 | 4,092,497.0 | 4,055,042.0 | 3,635,042.0 | 3,635,042.0 | 3,635,042.0 | 3,635,042.0 | 3,306,528.0 | 3,306,528.0 | 2,156,528.0 | 2,156,528.0 | (68,472.0) |
| Lease liabilities | USD thousands | 14,508.0 | 19,928.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 | 26,234.0 |
| Net debt (financial debt − cash) | USD thousands | (409,042.0) | (560,378.0) | 859,017.0 | 3,173,364.4 | 5,584,449.6 | 8,075,691.2 | 10,487,909.1 | 12,351,683.4 | 12,503,901.3 | 7,583,402.0 | (7,686,883.3) | (48,688,300.1) | (135,342,618.8) |
| Total equity | USD thousands | 669,146.0 | 2,392,325.0 | 2,162,591.0 | 1,607,756.1 | 1,046,495.6 | 667,525.9 | 948,008.7 | 2,959,638.1 | 9,013,112.4 | 24,654,756.6 | 60,719,975.8 | 142,150,592.4 | 315,157,444.5 |
| Balance check (assets − liabilities − equity) | USD thousands | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Key ratios | ||||||||||||||
| EBITDA margin | % | (333.6%) | (334.2%) | (132.0%) | (35.2%) | 12.2% | 39.3% | 55.9% | 66.1% | 75.3% | 80.0% | 84.5% | 84.6% | |
| ROIC (EBIT × (1 − t) ÷ average invested capital) | % | (287.0%) | (41.5%) | (28.7%) | (15.9%) | (9.1%) | (3.2%) | 5.0% | 17.7% | 37.5% | 69.4% | 110.6% | 163.2% | 205.3% |
| FCF margin | % | (1949.1%) | (1518.6%) | (753.9%) | (367.5%) | (176.1%) | (77.0%) | (23.6%) | 6.1% | 26.3% | 34.9% | 42.9% | 42.3% | |
| Net debt ÷ EBITDA | x | 2.37x | (1.80x) | (8.30x) | (26.90x) | 54.81x | 10.72x | 4.30x | 1.77x | 0.45x | (0.21x) | (0.59x) | (0.79x) | |
| EBITDA ÷ interest | x | (6.56x) | (4.83x) | (4.12x) | (2.28x) | 2.00x | 13.26x | 38.93x | 95.61x | 253.77x | 562.35x | 1737.54x | 3651.03x | |
| Minimum DSCR over the projection | x | (28.89x) | ||||||||||||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
Products revenue from sale of gateway equipment and related software to MNOsGrowth rate
Gateway deliveries are reported for 2025 only, so volume × price is not supported. Growth on the last twelve months is kept, with a data request for the better build.
Services revenue from performance obligations under U.S. government agreements (direct or via prime contractors)Growth rate
No driver is reported for two historical years at stream level. Remaining performance obligations are a company-wide total that mixes gateway, government and SpaceMobile Service obligations, so they do not measure this stream. Growth is kept, with a data request for a backlog build.
Build this for your company
Upload your financial statements; Skale builds the model, and you review the assumptions.
Get startedNew to financial models? What is a financial model?