ASTSAST SpaceMobile, Inc.
Communications Services, NEC
- Revenue
- $71M
- 413% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $12.1B
- Employees
- 708
- $100K revenue each
- Net debt / EBITDA
- —
- −$2.3B net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes67% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$100K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$12.1B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$291M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $12M | $14M | $0 | $14M | $71M | 413% |
| Net income | −$31M | −$32M | −$88M | −$300M | −$342M | 14% |
| Operating cash flow | −$80M | −$156M | −$149M | −$126M | −$72M | 43% |
| Capex | $15M | $57M | $119M | $174M | $1.1B | 511% |
| Stock-based comp | $4M | $9M | $13M | $32M | $47M | 48% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Mar 12, 2021 | DEFM14A | New Providence Acquisition Management LLC | $10.10 | 100% |
| Dec 23, 2020 | PREM14A | New Providence Acquisition Corp. | $10.09 | 94.9% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 23, 2026 | Avellan Abel Antonio | SCHEDULE 13D/A | 20.8% | Passive |
| May 5, 2026 | Mikitani Hiroshi | SCHEDULE 13D/A | 5.3% | Passive |
| Apr 24, 2026 | Mikitani Hiroshi | SCHEDULE 13D/A | 7.2% | Passive |
| Apr 16, 2026 | Mikitani Hiroshi | SCHEDULE 13D/A | 8.9% | Passive |
| Mar 3, 2026 | Avellan Abel Antonio | SCHEDULE 13D/A | 20.8% | Active |
| Feb 17, 2026 | Vodafone Ventures Ltd | SCHEDULE 13D/A | 5.0% | Passive |
| Nov 21, 2025 | Avellan Abel Antonio | SCHEDULE 13D/A | 21.9% | Passive |
| Oct 31, 2025 | Avellan Abel Antonio | SCHEDULE 13D/A | 22.0% | Passive |
| Jul 15, 2025 | Avellan Abel Antonio | SCHEDULE 13D/A | 23.0% | Passive |
| Jun 20, 2025 | Avellan Abel Antonio | SCHEDULE 13D/A | 24.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $806K · 8
- Open-market sells, 12 mo
- $292M · 13
- Net
- −$291M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | $18M | 615 | 103 |
| FY2024 | — | — | 179 | 94 |
| FY2023 | — | — | 51 | 85 |
| FY2022 | — | — | 41 | 75 |
| FY2021 | $9K | $9K | 67 | 101 |