AST SpaceMobile, Inc. (ASTS)

Nasdaq · Common Stock · Communications Services, NEC

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

15 entities across 7 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-02 — see the exhibit.

Which other public companies file entities in the same places:

Delaware8 Texas2 Florida1 Spain1 United Kingdom1 Israel1 India1

Subsidiaries of AST SpaceMobile, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
AST & Science, LLC	Delaware
AST SpaceMobile Services, LLC (f/k/a AST Services, LLC)	Florida
AST Space Mobile USA LLC (f/k/a AST & Defense, LLC)	Delaware
AST & Science Texas LLC	Texas
AST SpaceMobile Holdings, LLC	Delaware
AST SpaceMobile Holdings IV, LLC	Delaware
AST SpaceMobile Manufacturing, LLC	Texas
AST SpaceMobile Europe I, LLC	Delaware
AST SpaceMobile Europe II, LLC	Delaware
Spectrum USA I, LLC	Delaware
BackstopCo, LLC	Delaware
AST & Science Iberia, Sociedad Limitada Unipersonal	Spain
AST SpaceMobile UK Limited	United Kingdom
AST & Science Israel Ltd.	Israel
AST SpaceMobile India Private Limited	India

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -6.8%
FAILOperating cash flow positiveOCF -72M
PASSReturn on assets improving-31.4% → -6.8%
PASSCash flow exceeds earningsOCF -72M vs NI -342M
FAILLong-term debt ratio falling16.3% → 44.0% of assets
PASSCurrent ratio improving7.90 → 16.35
FAILNo share dilution155M → 256M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$6.0M	$191,177	−$9.0M	49.3%	—
FY2021	$12.4M	−$30.6M	−$95.2M	39.0%	—
FY2022	$13.8M	−$31.6M	−$186.8M	51.4%	—
FY2023	$0	−$87.6M	−$267.7M	—	81,824,122
FY2024	$13.8M	−$300.1M	−$300.3M	—	154,501,344
FY2025	—	−$341.9M	−$1.1B	—	255,982,592

Ownership flow

14 institutions tracked — 7 added, 5 reduced, 2 opened a new position.

Institutional holders of AST SpaceMobile, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
MORGAN STANLEY	Active fund	7,317,827	+4,124,149	$650.3M
CITADEL ADVISORS LLC	Hedge fund	13,861,709	+3,676,885	$1.2B
FMR LLC	Active fund	781,355	−1,494,224	$69.4M
JPMORGAN CHASE & CO	Active fund	1,589,080	+1,249,364	$139.0M
STATE STREET CORP	Index	6,533,847	+948,360	$580.6M
BlackRock, Inc.	Index	15,273,481	+756,247	$1.4B
Point72 Asset Management, L.P.	Hedge fund	126,300	−744,100	$11.2M
BANK OF AMERICA CORP /DE/	Active fund	1,191,157	−453,089	$105.8M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	1,096,286	+433,178	$97.4M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	350,707	−379,657	$31.2M
GEODE CAPITAL MANAGEMENT, LLC	Index	5,105,125	+340,038	$453.1M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	35,486	−56,900	$3.0M

NORGES BANK, RENAISSANCE TECHNOLOGIES LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001780312
LEI: 254900MBSC9P2UCI6623
FIGI: BBG00Q402TR2
SIC: 4899 · Communications Services, NEC
Incorporated: DE
Headquarters: MIDLAND, TX

Ownership

Institutional: 54.5%
Institutions: 993
Insiders: 8.0%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other communications services, nec companies

AST SpaceMobile, Inc. files under SIC 4899 — all 7 communications services, nec companies compared on assets and F-score.

VIASAT INCVSAT COGENT COMMUNICATIONS HOLDINGS, INC.CCOI Globalstar, Inc.GSAT Gogo Inc.GOGO BuzzFeed, Inc.BZFD KVH INDUSTRIES INC \DE\KVHI

Questions about AST SpaceMobile, Inc.

How many subsidiaries does AST SpaceMobile, Inc. file with the SEC?: 15, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Florida, Texas. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is AST SpaceMobile, Inc. financially healthy?: AST SpaceMobile, Inc. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of AST SpaceMobile, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), CITADEL ADVISORS LLC (adding), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

15 entities across 7 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-03-02 — see the exhibit.

Entity

Jurisdiction

Note

AST & Science, LLC

Delaware

AST SpaceMobile Services, LLC (f/k/a AST Services, LLC)

Florida

AST Space Mobile USA LLC (f/k/a AST & Defense, LLC)

Delaware

AST & Science Texas LLC

Texas

AST SpaceMobile Holdings, LLC

Delaware

AST SpaceMobile Holdings IV, LLC

Delaware

AST SpaceMobile Manufacturing, LLC

Texas

AST SpaceMobile Europe I, LLC

Delaware

AST SpaceMobile Europe II, LLC

Delaware

Spectrum USA I, LLC

Delaware

BackstopCo, LLC

Delaware

AST & Science Iberia, Sociedad Limitada Unipersonal

Spain

AST SpaceMobile UK Limited

United Kingdom

AST & Science Israel Ltd.

Israel

AST SpaceMobile India Private Limited

India

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 7

FAILReturn on assets positiveROA -6.8%
FAILOperating cash flow positiveOCF -72M
PASSReturn on assets improving-31.4% → -6.8%
PASSCash flow exceeds earningsOCF -72M vs NI -342M
FAILLong-term debt ratio falling16.3% → 44.0% of assets
PASSCurrent ratio improving7.90 → 16.35
FAILNo share dilution155M → 256M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improvingno data

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$6.0M

$191,177

−$9.0M

49.3%

—

FY2021

$12.4M

−$30.6M

−$95.2M

39.0%

—

FY2022

$13.8M

−$31.6M

−$186.8M

51.4%

—

FY2023

−$87.6M

−$267.7M

—

81,824,122

FY2024

$13.8M

−$300.1M

−$300.3M

—

154,501,344

FY2025

—

−$341.9M

−$1.1B

—

255,982,592

Ownership flow

14 institutions tracked — 7 added, 5 reduced, 2 opened a new position.

Institutional holders of AST SpaceMobile, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
MORGAN STANLEY	Active fund	7,317,827	+4,124,149	$650.3M
CITADEL ADVISORS LLC	Hedge fund	13,861,709	+3,676,885	$1.2B
FMR LLC	Active fund	781,355	−1,494,224	$69.4M
JPMORGAN CHASE & CO	Active fund	1,589,080	+1,249,364	$139.0M
STATE STREET CORP	Index	6,533,847	+948,360	$580.6M
BlackRock, Inc.	Index	15,273,481	+756,247	$1.4B
Point72 Asset Management, L.P.	Hedge fund	126,300	−744,100	$11.2M
BANK OF AMERICA CORP /DE/	Active fund	1,191,157	−453,089	$105.8M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	1,096,286	+433,178	$97.4M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	350,707	−379,657	$31.2M
GEODE CAPITAL MANAGEMENT, LLC	Index	5,105,125	+340,038	$453.1M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	35,486	−56,900	$3.0M

NORGES BANK, RENAISSANCE TECHNOLOGIES LLC hold a position with no prior filing to compare against, so their change is unknown rather than zero — and they are left out of the totals above.

Questions about AST SpaceMobile, Inc.

How many subsidiaries does AST SpaceMobile, Inc. file with the SEC?

15, listed in its most recent exhibit 21. They are incorporated across 7 jurisdictions, led by Delaware, Florida, Texas. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is AST SpaceMobile, Inc. financially healthy?

AST SpaceMobile, Inc. scores 3 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of AST SpaceMobile, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), CITADEL ADVISORS LLC (adding), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.