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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| AST SpaceMobile Inc | NASDAQ:ASTS | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.84 | 10.29% | 30.45 | 30.44 | 30.45 | 30.77 | 27.05 | 27.70 | 11,065,943 | 19:38:46 |
From Nov 2024 to Feb 2025
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
Third Quarter 2024 Financial Highlights
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241114769845/en/
Investor Contact: Scott Wisniewski investors@ast-science.com
Media Contact: Allison PR Eva Murphy Ryan 917-547-7289 ASTSpaceMobile@allisonpr.com
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