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Side-by-side financial comparison of AST SpaceMobile, Inc. (ASTS) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $54.3M, roughly 1.1× AST SpaceMobile, Inc.). On growth, AST SpaceMobile, Inc. posted the faster year-over-year revenue change (2758.2% vs 94.1%). Phathom Pharmaceuticals, Inc. produced more free cash flow last quarter ($-167.0M vs $-330.7M).
AST SpaceMobile, Inc. is a publicly traded satellite designer and manufacturer based in Midland, Texas, United States. The company is building the SpaceMobile satellite constellation, a space-based cellular broadband network designed to connect directly to standard, unmodified smartphones. The network is intended to deliver 4G and 5G broadband coverage globally, particularly in remote and underserved regions.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
ASTS vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.3M | $57.6M |
| Net Profit | $-74.0M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | -175.0% | — |
| Net Margin | -136.2% | — |
| Revenue YoY | 2758.2% | 94.1% |
| Net Profit YoY | -106.3% | 71.6% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $54.3M | $57.6M | ||
| Q3 25 | $14.7M | $49.5M | ||
| Q2 25 | — | $39.5M | ||
| Q1 25 | — | $28.5M | ||
| Q4 24 | — | $29.7M | ||
| Q3 24 | — | $16.4M | ||
| Q2 24 | — | $7.3M | ||
| Q4 23 | $0 | — |
| Q4 25 | $-74.0M | — | ||
| Q3 25 | $-122.9M | $-30.0M | ||
| Q2 25 | — | $-75.8M | ||
| Q1 25 | — | $-94.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-85.6M | ||
| Q2 24 | — | $-91.4M | ||
| Q4 23 | $-31.9M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q4 23 | — | — |
| Q4 25 | -175.0% | — | ||
| Q3 25 | -1109.0% | -30.8% | ||
| Q2 25 | — | -151.7% | ||
| Q1 25 | — | -276.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -433.0% | ||
| Q2 24 | — | -1055.4% | ||
| Q4 23 | — | — |
| Q4 25 | -136.2% | — | ||
| Q3 25 | -833.7% | -60.5% | ||
| Q2 25 | — | -191.9% | ||
| Q1 25 | — | -330.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -523.3% | ||
| Q2 24 | — | -1248.6% | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.41 | ||
| Q2 25 | — | $-1.05 | ||
| Q1 25 | — | $-1.31 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-1.32 | ||
| Q2 24 | — | $-1.56 | ||
| Q4 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3B | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $2.4B | $-438.2M |
| Total Assets | $5.0B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3B | $130.0M | ||
| Q3 25 | $2.4B | $135.2M | ||
| Q2 25 | — | $149.6M | ||
| Q1 25 | — | $212.3M | ||
| Q4 24 | — | $297.3M | ||
| Q3 24 | — | $334.7M | ||
| Q2 24 | — | $276.2M | ||
| Q4 23 | $155.3M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q4 23 | — | — |
| Q4 25 | $2.4B | $-438.2M | ||
| Q3 25 | $1.6B | $-422.5M | ||
| Q2 25 | — | $-405.8M | ||
| Q1 25 | — | $-338.4M | ||
| Q4 24 | — | $-253.6M | ||
| Q3 24 | — | $-187.1M | ||
| Q2 24 | — | $-233.8M | ||
| Q4 23 | $213.6M | — |
| Q4 25 | $5.0B | $259.1M | ||
| Q3 25 | $2.6B | $240.3M | ||
| Q2 25 | — | $250.2M | ||
| Q1 25 | — | $294.2M | ||
| Q4 24 | — | $378.3M | ||
| Q3 24 | — | $387.0M | ||
| Q2 24 | — | $319.4M | ||
| Q4 23 | $360.9M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $65.0M | $-166.8M |
| Free Cash FlowOCF − Capex | $-330.7M | $-167.0M |
| FCF MarginFCF / Revenue | -609.0% | -290.0% |
| Capex IntensityCapex / Revenue | 728.7% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-790.4M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.0M | $-166.8M | ||
| Q3 25 | $-64.5M | $-14.1M | ||
| Q2 25 | — | $-62.7M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.8M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.7M | ||
| Q4 23 | $-24.9M | — |
| Q4 25 | $-330.7M | $-167.0M | ||
| Q3 25 | $-302.9M | $-14.1M | ||
| Q2 25 | — | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.9M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.8M | ||
| Q4 23 | $-47.2M | — |
| Q4 25 | -609.0% | -290.0% | ||
| Q3 25 | -2055.0% | -28.6% | ||
| Q2 25 | — | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | — | -899.8% | ||
| Q3 24 | — | -389.0% | ||
| Q2 24 | — | -966.2% | ||
| Q4 23 | — | — |
| Q4 25 | 728.7% | 0.4% | ||
| Q3 25 | 1617.6% | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASTS
| Products | $44.4M | 82% |
| Other | $7.8M | 14% |
| Sat Co | $2.1M | 4% |
PHAT
Segment breakdown not available.
