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AST SpaceMobile Provides Business Update and Third Quarter 2024 Results

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AST SpaceMobile (ASTS) reported its Q3 2024 results, highlighting significant operational milestones. The company successfully deployed and initiated operations of its first five BlueBird satellites, and secured orbital launch capacity for up to 60 Block 2 BlueBird satellites during 2025-2026. The company maintains a strong financial position with $518.9 million in cash and equivalents. Operating expenses for Q3 2024 were $66.6 million, including $21.4 million in depreciation and stock-based compensation. The company expanded its ecosystem with three new U.S. Government contract awards and progressed in discussions with commercial partners.

AST SpaceMobile (ASTS) ha riportato i risultati del terzo trimestre del 2024, evidenziando traguardi operativi significativi. L'azienda ha lanciato e avviato le operazioni dei suoi primi cinque satelliti BlueBird, e ha assicurato la capacità di lancio orbitale per un massimo di 60 satelliti Block 2 BlueBird durante il 2025-2026. L'azienda mantiene una solida posizione finanziaria con $518,9 milioni in contante e equivalenti. Le spese operative per il terzo trimestre del 2024 sono state di $66,6 milioni, inclusi $21,4 milioni per ammortamenti e compensi basati su azioni. L'azienda ha ampliato il suo ecosistema con l'assegnazione di tre nuovi contratti del governo degli Stati Uniti e ha fatto progressi nei colloqui con partner commerciali.

AST SpaceMobile (ASTS) informó sobre sus resultados del tercer trimestre de 2024, destacando hitos operativos significativos. La empresa desplegó e inició las operaciones de sus primeros cinco satélites BlueBird, y aseguró capacidad de lanzamiento orbital para hasta 60 satélites Block 2 BlueBird durante 2025-2026. La empresa mantiene una fuerte posición financiera con $518.9 millones en efectivo y equivalentes. Los gastos operativos para el tercer trimestre de 2024 fueron de $66.6 millones, incluyendo $21.4 millones en depreciación y compensación basada en acciones. La empresa amplió su ecosistema con tres nuevos contratos del gobierno de EE. UU. y avanzó en las discusiones con socios comerciales.

AST SpaceMobile (ASTS)는 2024년 3분기 실적을 보고하며 중요한 운영 이정표를 강조했습니다. 이 회사는 첫 다섯 개의 BlueBird 위성을 성공적으로 배치하고 운영을 시작했으며, 2025-2026년 동안 최대 60개의 Block 2 BlueBird 위성에 대한 궤도 발사 능력을 확보했습니다. 회사는 $518.9 백만의 현금 및 현금성 자산으로 강력한 재무 상태를 유지하고 있습니다. 2024년 3분기 운영 비용은 $66.6 백만이었으며, 이에는 $21.4 백만의 감가상각비 및 주식 기반 보상이 포함됩니다. 회사는 미국 정부와의 세 개의 신규 계약 수상으로 생태계를 확장했으며, 상업적 파트너와의 논의에서도 진전을 보였습니다.

AST SpaceMobile (ASTS) a rapporté ses résultats pour le troisième trimestre 2024, mettant en lumière des jalons opérationnels significatifs. L'entreprise a déployé et lancé les opérations de ses cinq premiers satellites BlueBird et a sécurisé la capacité de lancement orbital pour jusqu'à 60 satellites Block 2 BlueBird durant 2025-2026. L'entreprise maintient une solide position financière avec 518,9 millions de dollars en liquidités et équivalents. Les dépenses opérationnelles pour le troisième trimestre 2024 se sont élevées à 66,6 millions de dollars, y compris 21,4 millions de dollars pour l'amortissement et la compensation basée sur des actions. L'entreprise a élargi son écosystème avec trois nouvelles attributions de contrats du gouvernement américain et a progressé dans les discussions avec des partenaires commerciaux.

AST SpaceMobile (ASTS) berichtete über seine Ergebnisse für das dritte Quartal 2024 und hob bedeutende operationale Meilensteine hervor. Das Unternehmen hat erfolgreich die ersten fünf BlueBird-Satelliten gestartet und deren Betrieb aufgenommen sowie die orbitalen Startkapazitäten für bis zu 60 Block 2 BlueBird-Satelliten für 2025-2026 sichergestellt. Das Unternehmen hält eine starke finanzielle Position mit 518,9 Millionen Dollar in bar und Äquivalenten. Die Betriebsausgaben für das dritte Quartal 2024 betrugen 66,6 Millionen Dollar, einschließlich 21,4 Millionen Dollar für Abschreibungen und aktienbasierte Vergütung. Das Unternehmen erweiterte sein Ökosystem mit drei neuen Verträgen der US-Regierung und machte Fortschritte in den Gesprächen mit kommerziellen Partnern.

Positive
  • Successfully deployed and initiated operations of first five BlueBird satellites
  • Secured launch capacity for up to 60 Block 2 BlueBird satellites
  • Strong cash position of $518.9 million
  • Received $153.3 million from warrant redemption
  • Secured three new U.S. Government contract awards
Negative
  • Operating expenses increased by $2.7 million QoQ to $66.6 million
  • Research and development costs increased by $10.3 million
  • Adjusted operating expenses increased by $10.7 million QoQ to $45.3 million

Insights

AST SpaceMobile's Q3 2024 results reveal significant operational progress alongside substantial cash reserves of $518.9 million. The company's financial position was strengthened by $153.3 million in warrant redemption proceeds, though operating expenses increased to $66.6 million. The $48.5 million debt repayment will improve the balance sheet by reducing interest expenses.

Key metrics show increased R&D investment, with adjusted operating expenses rising by $10.7 million quarter-over-quarter to $45.3 million. The company's capital-intensive satellite deployment strategy is reflected in $374 million in gross capitalized property and equipment costs. The successful deployment of five BlueBird satellites and secured launch capacity for 60 more indicates strong execution of their expansion strategy, though significant cash burn continues as expected in this growth phase.

The successful deployment and unfolding of five BlueBird satellites marks a important technical milestone for AST SpaceMobile's space-based cellular network. The planned Block 2 satellites represent a significant technological advancement, with the AST5000 ASIC chip validation enabling potential data speeds up to 120Mbps and bandwidth capacity of 40MHz. These capabilities position the company competitively in both commercial and government markets.

The expansion into government contracts, particularly the Space Development Agency's HALO program, demonstrates the versatility of their technology platform. The secured launch agreements with Blue Origin for approximately 60 Block 2 satellites indicate strong execution of their deployment strategy, though the real test will be the successful implementation of beta testing with AT&T and Verizon.

MIDLAND, Texas--(BUSINESS WIRE)-- AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update for the third quarter ended September 30, 2024.

"We achieved many significant milestones in the quarter and continue our momentum with several key pieces now in place," said Abel Avellan, Founder, Chairman and CEO of AST SpaceMobile. "With the first five BlueBird satellites successfully unfolded and entering initial operations, our business is progressing according to plan. We’ve advanced our strategy across multiple efforts including progress on securing orbital launch capacity, growing our manufacturing capability, and expanding our customer ecosystem."

Business Update

  • First five commercial BlueBird satellites achieved successful initial operations and filed Special Temporary Authority (STA) request with FCC to begin beta service with AT&T and Verizon
    • All five satellites successfully unfolded as of late October, completing a key post-launch activity
    • Preparing satellites for operational readiness through ongoing integration with partner networks
  • Secured orbital launch capacity to enable continuous space-based cellular broadband service coverage in key markets, including U.S., Europe, Japan, the U.S. Government and other strategic markets globally
    • Launch services agreements with Blue Origin and existing launch vehicles for launches during 2025 and 2026
    • The agreements enable the orbital launch of up to approximately 60 Block 2 BlueBird satellites
    • Achieved initial validation of our AST5000 ASIC chip, with test software, test equipment, procedures, and main infrastructure in place to commission during 2025
    • Combination of novel ASIC and larger Block 2 array will offer beams designed to support a capacity of up to 40MHz, enabling peak data transmission speeds up to 120Mbps, supporting voice, full data and video applications
  • Expanded the AST SpaceMobile customer ecosystem, adding three new contract awards with the U.S. Government and continued to advance discussions with multiple commercial partners
    • Selection by the Space Development Agency (SDA) to compete directly as a prime contractor under the Hybrid Application for proliferated low Earth orbit (HALO) program
    • Added three new contract awards with U.S. Government to leverage and expand existing in-orbit technology capabilities, directly and through prime contractors
    • Growing pipeline of government opportunities for non-commercial applications demonstrates significant advantages of AST SpaceMobile’s dual-use technologies
  • Strong balance sheet with $518.9 million in cash, cash equivalents, and restricted cash, benefiting from warrant redemption and ATM program
    • Received $153.3 million in net proceeds from the redemption of publicly traded warrants
    • Repaid $48.5 million of Senior Secured Credit Facility in Q4, lowering go-forward interest expense
    • Filed formal application with the Export-Import Bank of the United States (EXIM) for debt financing
    • Continue to prioritize raising strategic capital through non-dilutive approaches, including commercial prepayments and commitments from our MNO partners

Third Quarter 2024 Financial Highlights

  • As of September 30, 2024, we had cash, cash equivalents, and restricted cash of $518.9 million
  • Total operating expenses for the third quarter of 2024 were $66.6 million, including $21.4 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $2.7 million as compared to $63.9 million in the second quarter of 2024, due to a $10.3 million increase in research and development costs and a $0.6 million increase in engineering services costs, partially offset by a $2.3 million decrease in general and administrative costs, and a $5.9 million decrease in depreciation and amortization expense
  • Adjusted operating expenses(1) for the third quarter of 2024 were $45.3 million, an increase of $10.7 million as compared to $34.6 million in the second quarter of 2024, due to a $1.2 million increase in Adjusted general and administrative costs(1), and a $10.3 million increase in research and development costs, partially offset by a $0.8 million decrease in Adjusted engineering services costs(1)
  • As of September 30, 2024, we have incurred approximately $374.0 million of gross capitalized property and equipment costs and accumulated depreciation and amortization of $113.9 million. The capitalized costs include costs of satellite materials for BlueBird satellites, advance launch payments, Block 1 and BlueWalker 3 satellites, assembly and integration facilities including assembly and test equipment, and ground antennas

(1) See reconciliation of Adjusted operating expenses to Total operating expenses, Adjusted engineering services costs to Engineering services costs and Adjusted general and administrative costs to General and administrative costs in the tables accompanying this press release.

Non-GAAP Financial Measures

We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

Conference Call Information

AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Thursday, November 14, 2024. The call will be accessible via a live webcast on the Events page of AST SpaceMobile’s Investor Relations website at https://ast-science.com/investors/. An archive of the webcast will be available shortly after the call.

About AST SpaceMobile

AST SpaceMobile is building the first and only global cellular broadband network in space to operate directly with standard, unmodified mobile devices based on our extensive IP and patent portfolio, and designed for both commercial and government applications. Our engineers and space scientists are on a mission to eliminate the connectivity gaps faced by today’s five billion mobile subscribers and finally bring broadband to the billions who remain unconnected. For more information, follow AST SpaceMobile on YouTube, X (Formerly Twitter), LinkedIn and Facebook. Watch this video for an overview of the SpaceMobile mission.

Forward-Looking Statements

This communication contains “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results of AST SpaceMobile to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside AST SpaceMobile’s control and are difficult to predict.

Factors that could cause such differences include, but are not limited to: (i) expectations regarding AST SpaceMobile’s strategies and future financial performance, including AST’s future business plans or objectives, expected functionality of the SpaceMobile Service, anticipated timing of the launch of the Block 2 BlueBird satellites, anticipated demand and acceptance of mobile satellite services, prospective performance and commercial opportunities and competitors, the timing of obtaining regulatory approvals, ability to finance its research and development activities, commercial partnership acquisition and retention, products and services, pricing, marketing plans, operating expenses, market trends, revenues, liquidity, cash flows and uses of cash, capital expenditures, and AST SpaceMobile’s ability to invest in growth initiatives; (ii) the negotiation of definitive agreements with mobile network operators relating to the SpaceMobile Service that would supersede preliminary agreements and memoranda of understanding and the ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile’s responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company’s filings with the Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on April 1, 2024.

AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile’s Form 10-K filed with the SEC on April 1, 2024. AST SpaceMobile’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Third Quarter Financial Results

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share data)

 

 

 

As of

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

516,389

 

 

$

85,622

 

Restricted cash

 

 

2,497

 

 

 

2,475

 

Prepaid expenses

 

 

7,073

 

 

 

4,591

 

Other current assets

 

 

19,662

 

 

 

14,194

 

Total current assets

 

 

545,621

 

 

 

106,882

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

260,068

 

 

 

238,478

 

Operating lease right-of-use assets, net

 

 

12,088

 

 

 

13,221

 

Other non-current assets

 

 

3,872

 

 

 

2,311

 

TOTAL ASSETS

 

$

821,649

 

 

$

360,892

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,962

 

 

$

20,575

 

Accrued expenses and other current liabilities

 

 

16,480

 

 

 

23,926

 

Contract liabilities

 

 

22,468

 

 

 

-

 

Current operating lease liabilities

 

 

1,534

 

 

 

1,468

 

Current portion of long-term debt

 

 

44,635

 

 

 

252

 

Total current liabilities

 

 

94,079

 

 

 

46,221

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

Warrant liabilities

 

 

57,460

 

 

 

29,960

 

Non-current operating lease liabilities

 

 

11,057

 

 

 

11,900

 

Long-term debt, net

 

 

156,252

 

 

 

59,252

 

Total liabilities

 

 

318,848

 

 

 

147,333

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 170,039,305 and 90,161,309 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.

 

 

17

 

 

 

9

 

Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 39,747,447 and 50,041,757 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.

 

 

4

 

 

 

5

 

Class C Common Stock, $.0001 par value; 125,000,000 shares authorized; 78,163,078 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.

 

 

8

 

 

 

8

 

Additional paid-in capital

 

 

762,426

 

 

 

288,404

 

Accumulated other comprehensive income

 

 

353

 

 

 

227

 

Accumulated deficit

 

 

(453,888

)

 

 

(189,662

)

Noncontrolling interest

 

 

193,881

 

 

 

114,568

 

Total stockholders' equity

 

 

502,801

 

 

 

213,559

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

821,649

 

 

$

360,892

 

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except share and per share data)

 

 

 

For the Three Months
Ended September 30,

 

 

 

For the Nine Months
Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,100

 

 

$

-

 

 

 

$

2,500

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineering services costs

 

 

21,828

 

 

 

19,523

 

 

 

 

62,546

 

 

 

58,818

 

General and administrative costs

 

 

15,551

 

 

 

10,995

 

 

 

 

45,677

 

 

 

31,073

 

Research and development costs

 

 

14,724

 

 

 

9,418

 

 

 

 

23,435

 

 

 

36,721

 

Depreciation and amortization

 

 

14,543

 

 

 

19,029

 

 

 

 

54,880

 

 

 

34,877

 

Total operating expenses

 

 

66,646

 

 

 

58,965

 

 

 

 

186,538

 

 

 

161,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain on remeasurement of warrant liabilities

 

 

(236,912

)

 

 

7,481

 

 

 

 

(284,839

)

 

 

21,454

 

Interest (expense) income, net

 

 

(1,386

)

 

 

495

 

 

 

 

(5,846

)

 

 

4,311

 

Other income (expense), net

 

 

1,410

 

 

 

507

 

 

 

 

1,661

 

 

 

(10,237

)

Total other income (expense), net

 

 

(236,888

)

 

 

8,483

 

 

 

 

(289,024

)

 

 

15,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income tax (expense) benefit

 

 

(302,434

)

 

 

(50,482

)

 

 

 

(473,062

)

 

 

(145,961

)

Income tax (expense) benefit

 

 

(646

)

 

 

(266

)

 

 

 

(1,172

)

 

 

408

 

Net loss before allocation to noncontrolling interest

 

 

(303,080

)

 

 

(50,748

)

 

 

 

(474,234

)

 

 

(145,553

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interest

 

 

(131,134

)

 

 

(29,839

)

 

 

 

(210,008

)

 

 

(89,918

)

Net loss attributable to common stockholders

 

$

(171,946

)

 

$

(20,909

)

 

 

$

(264,226

)

 

$

(55,635

)

Net loss per share attributable to holders of Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(1.10

)

 

$

(0.23

)

 

 

$

(1.89

)

 

$

(0.70

)

Weighted-average shares of Class A Common Stock outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

155,644,888

 

 

 

89,514,621

 

 

 

 

139,485,036

 

 

 

79,065,471

 

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

(Dollars in thousands)

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss before allocation to noncontrolling interest

 

$

(303,080

)

 

$

(50,748

)

 

$

(474,234

)

 

$

(145,553

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

529

 

 

 

(358

)

 

 

190

 

 

 

(526

)

Total other comprehensive loss

 

 

529

 

 

 

(358

)

 

 

190

 

 

 

(526

)

Total comprehensive loss before allocation to noncontrolling interest

 

 

(302,551

)

 

 

(51,106

)

 

 

(474,044

)

 

 

(146,079

)

Comprehensive loss attributable to noncontrolling interest

 

 

(130,906

)

 

 

(30,050

)

 

 

(209,944

)

 

 

(90,226

)

Comprehensive loss attributable to common stockholders

 

$

(171,645

)

 

$

(21,056

)

 

$

(264,100

)

 

$

(55,853

)

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

 

 

 

 

For the Nine Months Ended
September 30,

 

 

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss before allocation to noncontrolling interest

 

 

$

(474,234

)

 

$

(145,553

)

Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:

Depreciation and amortization

 

 

 

54,880

 

 

 

34,877

 

Amortization of debt issuance costs

 

 

 

3,047

 

 

 

374

 

Loss on disposal of property and equipment

 

 

 

2,221

 

 

 

-

 

Loss (gain) on remeasurement of warrant liabilities

 

 

 

284,839

 

 

 

(21,454

)

Stock-based compensation

 

 

 

20,617

 

 

 

10,595

 

Paid-in-kind ("PIK") interest expense

 

 

 

2,959

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

 

(7,940

)

 

 

1,601

 

Accounts payable and accrued expenses

 

 

 

(7,998

)

 

 

(6,215

)

Operating lease right-of-use assets and operating lease liabilities

 

 

 

357

 

 

 

54

 

Contract liabilities

 

 

 

22,468

 

 

 

-

 

Other assets and liabilities

 

 

 

1,081

 

 

 

1,680

 

Net cash used in operating activities

 

 

 

(97,703

)

 

 

(124,041

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

 

(92,095

)

 

 

(96,462

)

Net cash used in investing activities

 

 

 

(92,095

)

 

 

(96,462

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from debt

 

 

 

145,000

 

 

 

63,500

 

Repayments of debt

 

 

 

(187

)

 

 

(180

)

Payments for debt issuance costs

 

 

 

(9,435

)

 

 

(9,653

)

Proceeds from issuance of common stock

 

 

 

338,911

 

 

 

65,003

 

Payments for equity issuance costs

 

 

 

(6,903

)

 

 

(1,527

)

Proceeds from warrants exercises

 

 

 

153,307

 

 

 

-

 

Issuance of equity under employee stock plan

 

 

 

3,058

 

 

 

225

 

Employee taxes paid for stock-based compensation awards

 

 

 

(3,325

)

 

 

-

 

Net cash provided by financing activities

 

 

 

620,426

 

 

 

117,368

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 

161

 

 

 

(395

)

 

 

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

 

430,789

 

 

 

(103,530

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

 

88,097

 

 

 

239,256

 

Cash, cash equivalents and restricted cash, end of period

 

 

$

518,886

 

 

$

135,726

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

Non-cash activities:

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

 

$

-

 

 

$

6,709

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

Purchases of property and equipment in accounts payable and accrued expenses

 

 

$

5,086

 

 

$

7,120

 

PIK interest paid through issuance of PIK notes

 

 

 

2,959

 

 

 

-

 

Settlement of warrant liabilities by issuing shares

 

 

 

257,337

 

 

 

-

 

Cash paid for:

 

 

 

 

 

 

 

Interest

 

 

$

6,694

 

 

$

1,071

 

Income taxes, net

 

 

 

1,135

 

 

 

510

 

AST SPACEMOBILE, INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED)

(Dollars in thousands)

 

 

 

For the Three Months Ended September 30, 2024

 

 

 

GAAP Reported

 

 

Stock-Based
Compensation Expense

 

 

Adjusted

 

 

 

 

 

 

 

 

 

 

 

Engineering services costs

 

$

21,828

 

 

$

(3,431

)

 

$

18,397

 

General and administrative costs

 

 

15,551

 

 

 

(3,379

)

 

 

12,172

 

Research and development costs

 

 

14,724

 

 

 

-

 

 

 

14,724

 

Depreciation and amortization

 

 

14,543

 

 

 

-

 

 

 

14,543

 

Total operating expenses

 

$

66,646

 

 

$

(6,810

)

 

$

59,836

 

Less: Depreciation and amortization

 

 

 

 

 

 

 

 

(14,543

)

Adjusted operating expenses

 

 

 

 

 

 

 

$

45,293

 

 

 

For the Three Months Ended June 30, 2024

 

 

 

GAAP Reported

 

 

Stock-Based
Compensation Expense

 

 

Adjusted

 

Engineering services costs

 

$

21,202

 

 

$

(2,032

)

 

$

19,170

 

General and administrative costs

 

 

17,839

 

 

 

(6,842

)

 

 

10,997

 

Research and development costs

 

 

4,460

 

 

 

-

 

 

 

4,460

 

Depreciation and amortization

 

 

20,392

 

 

 

-

 

 

 

20,392

 

Total operating expenses

 

$

63,893

 

 

$

(8,874

)

 

$

55,019

 

Less: Depreciation and amortization

 

 

 

 

 

 

 

 

(20,392

)

Adjusted operating expenses

 

 

 

 

 

 

 

$

34,627

 

Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are alternative financial measures used by management to evaluate our operating performance as a supplement to our most directly comparable U.S. GAAP financial measure. We define Adjusted operating expense as Total operating expenses adjusted to exclude amounts of stock-based compensation expense and depreciation and amortization expense. We define Adjusted engineering services costs and Adjusted general and administrative costs as engineering services costs and general and administrative costs adjusted to exclude stock-based compensation expenses.

We believe Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. Adjusted operating expenses, Adjusted engineering services costs, and Adjusted general and administrative costs are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measure of Total operating expenses, Engineering services costs and General and administrative costs.

Investor Contact:

Scott Wisniewski

investors@ast-science.com

Media Contact:

Allison PR

Eva Murphy Ryan

917-547-7289

ASTSpaceMobile@allisonpr.com

Source: AST SpaceMobile, Inc.

FAQ

What were AST SpaceMobile's (ASTS) Q3 2024 operating expenses?

AST SpaceMobile's operating expenses for Q3 2024 were $66.6 million, including $21.4 million in depreciation and amortization and stock-based compensation expense.

How many BlueBird satellites did AST SpaceMobile (ASTS) deploy in Q3 2024?

AST SpaceMobile successfully deployed and initiated operations of its first five BlueBird satellites during Q3 2024.

What was AST SpaceMobile's (ASTS) cash position as of September 30, 2024?

AST SpaceMobile had $518.9 million in cash, cash equivalents, and restricted cash as of September 30, 2024.

How many Block 2 BlueBird satellites is AST SpaceMobile (ASTS) planning to launch in 2025-2026?

AST SpaceMobile secured orbital launch capacity for up to approximately 60 Block 2 BlueBird satellites during 2025 and 2026.

AST SpaceMobile, Inc.

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