AST SpaceMobile Inc. [NASDAQ: ASTS] is due to report first-quarter 2026 results today, entering the session on the back of a 14.84% rally on Friday that closed the stock at $75.05. Analysts expect a first-quarter loss of 23 cents per share on revenue of $39.01 million, but the bigger question is how management addresses deployment progress following last month’s BlueBird 7 setback.

The company disclosed in an April filing that its BlueBird 7 satellite, despite separating from Blue Origin’s New Glenn rocket and powering on, ended up in an orbit too low for operational use and will need to de-orbit. AST said it expects to recover the cost through insurance and still aims to have around 45 satellites in orbit by late 2026. A call is scheduled for 5 p.m. ET today, with management set to address both financial and operational updates.

On the regulatory side, the Federal Communications Commission last month cleared AST to operate a 248-satellite network across the United States, approving the company to provide Supplemental Coverage from Space, a category for satellite service that fills gaps in conventional mobile coverage.

The approval covers 700 MHz and 800 MHz low-band spectrum in partnership with AT&T, Verizon, and FirstNet, and enables direct-to-device connectivity for standard smartphones. CEO Abel Avellan described the clearance as an important step toward commercial-scale operations.

New launch plans were also announced ahead of earnings, with AST confirming it will send three more BlueBird satellites into orbit in mid-June aboard a SpaceX Falcon 9, and that 32 next-generation units are deep in assembly.

Analysts at William Blair noted a silver lining from the BlueBird 7 failure, pointing out that the single-payload nature of the launch limited the damage, and that New Glenn could eventually carry multiple AST satellites per mission.

Financially, the company reported full-year 2025 revenue of $70.9 million, with fourth-quarter revenue alone at $54.3 million. Contracted revenue commitments from partners exceeded $1.2 billion, and the company held more than $3.9 billion in cash and liquid assets on a pro forma basis.

Competition is intensifying, with Amazon agreeing to acquire Globalstar in an $11.57 billion deal last month, adding another well-resourced rival to a direct-to-device satellite space where SpaceX’s Starlink is already dominant.