AST SpaceMobile shows signs of recovery with strong backlog and growth forecast through 2026.

AST SpaceMobile (ASTS) appears to be stabilizing after a 40% drop, supported by a strong backlog and scheduled satellite launches. Management expects revenue in fiscal year 2026 to exceed half of its $1.2 billion backlog, with significant growth anticipated in the following two years. The company holds $3.5 billion in liquidity to fund near-term expenses and sustain operations through 2026 and beyond. Key risks include competition from SpaceX/Starlink Mobile and meeting the milestone of launching 45 satellites by November 2026.