Key Points
Ast Spacemobile currently generates significantly less revenue than Iridium Communications, though the gap between the two companies has noticeably narrowed.
Over the last eight quarters, Ast Spacemobile transitioned from generating minimal sales to showing steep quarter-over-quarter growth, while Iridium Communications maintained a relatively flat, stable revenue base.
Investors should watch whether this rapid narrowing of the revenue gap continues in upcoming quarters or if the disparity stabilizes.
Revenue size doesn’t always steer you to the best growth stock, and that’s especially true when comparing the following space stocks.
Despite minimal revenue over the past few years, Ast Spacemobile(NASDAQ:ASTS) stock has skyrocketed 1,400%, while shares of Iridium Communications(NASDAQ:IRDM) are trading at about the same price from the end of 2023. Iridium generates significantly more revenue, but Ast Spacemobile is closing the gap quickly.
Ast Spacemobile: Scaling Initial Revenue
Ast Spacemobile operates a space-based cellular broadband network designed to provide mobile connectivity to users traveling in and out of areas without terrestrial services on land, at sea, or in flight.
Following the in-orbit deployment of its commercial satellite array, it reported a large net loss of $74 million for the quarter ended Dec. 31, 2025.
Iridium Communications: Maintaining Stable Revenue
Iridium Communications provides mobile satellite communications services and products to businesses, governments, non-governmental organizations, and consumers worldwide.
Alongside the introduction of its three-in-one IoT module and the launch of direct-to-device service trials, it reported net income of $25 million for the quarter ended Dec. 31, 2025.
Why Revenue Matters for Retail Investors
Revenue is the most fundamental measure of a company’s performance. It measures the cash a business takes in from selling products and services to customers. The change in revenue over time is one of the best ways to evaluate a company’s ability to expand operations and capture its addressable market.
Image source: The Motley Fool.
Quarterly Revenue for Ast Spacemobile and Iridium Communications
| Quarter (Period End) | Ast Spacemobile Revenue | Iridium Communications Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $0.5 million | $203.9 million |
| Q2 2024 (June 2024) | $0.9 million | $201.1 million |
| Q3 2024 (Sept. 2024) | $1.1 million | $212.8 million |
| Q4 2024 (Dec. 2024) | $1.9 million | $213.0 million |
| Q1 2025 (March 2025) | $0.7 million | $214.9 million |
| Q2 2025 (June 2025) | $1.2 million | $216.9 million |
| Q3 2025 (Sept. 2025) | $14.7 million | $226.9 million |
| Q4 2025 (Dec. 2025) | $54.3 million | $212.9 million |
Data source: Company filings. Data as of April 14, 2026.
Foolish Take
Iridium Communications is far ahead of Ast Spacemobile in scaling its business, but the latter is starting to ramp quickly. Iridium’s fourth-quarter revenue was flat year over year, while Ast Spacemobile posted a stellar 2,731% year-over-year increase.
Shares of Ast Spacemobile have far outperformed Iridium over the past few years. Investors are clearly betting that its focus on bringing cellular broadband from space to consumers worldwide is a massive opportunity.
Meanwhile, Iridium is working on expanding its addressable market to grow faster. Its strategy includes expanding its IoT operations and growing its national security work with the U.S. government.
Ast Spacemobile seems to already be tapping into a tremendous opportunity. Investors will want to watch whether Ast Spacemobile can continue to expand revenue to justify the high valuation implied by its $33 billion market capitalization.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile. The Motley Fool has a disclosure policy.
