ASTS
AST SpaceMobile, Inc.
Is ASTS Halal?
Space-based cellular broadband is a permissible activity, but the pre-revenue, cash-burning balance sheet and heavy convertible/interest-bearing debt strain the financial screens.
What You Should Know
AST SpaceMobile is developing space-based cellular broadband infrastructure and carrier partnerships. Its March 31, 2026 Form 10-Q reports $6,051.141 million of assets, $2,971.532 million of interest-bearing convertible debt, $3,029.591 million of cash, $2.800 million of short-term investments and $45.934 million of receivables against $14.735 million of first-quarter revenue. Debt/assets is 49.11%, liquidity/assets is 50.11%, receivables-plus-cash/assets is 50.83% and disclosed interest income is 183.22%. Satellite telecommunications is generally permissible, but the current filing fails the examined asset-based financial screens and the development-stage profile remains volatile.
⚠️ Concerns
- •Debt/assets is 49.11%, liquidity/assets is 50.11% and receivables-plus-cash/assets is 50.83%, all above at least one examined asset-based limit
- •The filing discloses $26.998 million of interest income against $14.735 million of first-quarter revenue; the ratio is unusually high because the company remains largely pre-revenue
- •Convertible notes are conventional riba-based instruments
- •Government applications, carrier partnerships and future end uses remain qualitative
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
2,971.532 / 6,051.141
3,032.391 / 6,051.141
3,075.525 / 6,051.141
26.998 / 14.735
- Financial
- Fails
- Overall
- Fails
Debt/assets is 49.11%, liquidity/assets is 50.11%, receivables-plus-cash/assets is 50.83% and disclosed interest income is 183.22%; the examined financial limits fail.
- Financial
- Fails
- Overall
- Fails
Debt/assets, liquidity/assets and receivables-plus-cash/assets are above the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets and liquidity/assets are above the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the total-assets screen already fails.
Business-activity disclosure
AST SpaceMobile is developing space-based cellular broadband infrastructure and carrier partnerships. Satellite telecommunications is generally permissible, but the filing does not classify every future government application, customer end use or partnership into a universal prohibited-revenue numerator.
Limitation: The company is development-stage and largely pre-commercial; the filing does not provide a universal prohibited-activity numerator for future services, government applications or customer end uses.
Purification
AST SpaceMobile discloses $26.998 million of interest income, but ZakatInvest does not prescribe a scholar-approved purification percentage; the development-stage revenue base also makes the ratio unusually volatile.
Inputs, assumptions and primary sources
- Amounts are USD millions from AST SpaceMobile's March 31, 2026 Form 10-Q.
- Interest-bearing debt is current debt of $8.236 million plus noncurrent debt of $2,963.296 million; convertible notes and other debt are included, while operating lease liabilities are excluded.
- Cash and cash equivalents are $3,029.591 million and short-term investments are $2.800 million; restricted cash is excluded from the liquidity numerator.
- Accounts receivable of $27.453 million plus a $18.481 million related-party notes-and-loans receivable are included as receivables; first-quarter revenue is $14.735 million.
- The filing separately discloses $26.998 million of interest income; the net interest-income/expense line is not used as the gross-income numerator.
- Satellite telecommunications and carrier connectivity are generally permissible, while future government applications, counterparties and end uses remain qualitative.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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