What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of AST SpaceMobile (ASTS) revenue becomes net income?

For TTM through Q1 2026, AST SpaceMobile turned $84.9M of revenue into -$487M of net income — a net margin of -573.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are AST SpaceMobile (ASTS) gross, operating, and net margins?

For TTM through Q1 2026, AST SpaceMobile reported a gross margin of -27%, an operating margin of -440.5%, and a net margin of -573.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does AST SpaceMobile (ASTS) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

AST SpaceMobile (ASTS) Income Statement Waterfall

Revenue

$84.9M

Gross Margin

-27.0%

Operating Margin

-440.5%

Net Margin

-573.7%

Income statement waterfall for AST SpaceMobile (ASTS) — TTM through Q1 2026

Net income: -$487M

Margin breakdown for AST SpaceMobile (ASTS) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$84.9M	$84.9M
Cost of Revenue	-$108M	-$22.9M
Gross Profit	-$22.9M	-$22.9M
Operating Expenses	-$351M	-$374M
Operating Income	-$374M	-$374M
Other Income / Expense	-$268M	-$642M
Pre-tax Income	-$642M	-$642M
Income Tax	-$4.9M	-$647M
Other Items	$160M	-$487M
Net Loss	-$487M	-$487M

Revenue$84.9M
Cost of Revenue-$108M
Gross Profit-$22.9M
Operating Expenses-$351M
Operating Income-$374M
Other Income / Expense-$268M
Pre-tax Income-$642M
Income Tax-$4.9M
Other Items$160M
Net Loss-$487M

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