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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0598 | 2.73% | 2.2498 | 2.19 | 2.29 | 2.25 | 2.17 | 2.18 | 1,430,271 | 01:00:00 |
AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, is providing its business update for the three months and fiscal year ended December 31, 2022.
“The testing to date for BlueWalker 3 continues to validate the design roadmap for our BlueBird commercial satellites,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “As we plan for the commercialization of our service, we are ramping the manufacturing of our Block 1 satellites and making key investments for Block 2 satellites.”
Business Update
Update on BlueWalker 3 Activities
Update on Block 1 BlueBird Program
Commercialization and Regulatory Progress
Fourth Quarter 2022 and Full Year 2022 Financial Highlights
Conference Call Information
AST SpaceMobile will hold a quarterly business update conference call at 8:00 a.m. (Eastern Time) on Friday, March 31, 2023. 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. 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, 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 may 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 and level of deployment of 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’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; (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 SEC, including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 31, 2023.
The planned testing of the BW3 test satellite may not be completed due to a variety of factors, which could include loss of satellite connectivity, destruction of the satellite, or other communication failures, and even if completed as planned, the BW3 testing may indicate adjustments that are needed or modifications that must be made, any of which could result in additional costs, which could be material, and delays in commercializing our service. If there are delays or issues with our testing, it may become more costly to raise capital, if we are able to do so at all.
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 incorporated by reference into AST SpaceMobile’s Form 10-K filed with the SEC on March 31, 2023. 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.
Fourth Quarter and Fiscal Year 2022 Financial Results
AST SPACEMOBILE, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
238,588
$
321,787
Restricted cash
668
2,750
Accounts receivable
-
2,173
Inventories
-
1,412
Prepaid expenses
4,100
2,831
Other current assets
24,954
4,850
Total current assets
268,310
335,803
Property and equipment:
BlueWalker 3 satellite - construction in progress
92,077
67,615
Property and equipment, net
53,912
28,327
Total property and equipment, net
145,989
95,942
Other non-current assets:
Operating lease right-of-use assets, net
7,671
7,991
Goodwill
-
3,641
Other non-current assets
16,402
559
Total other non-current assets
24,073
12,191
TOTAL ASSETS
$
438,372
$
443,936
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
13,929
$
6,638
Accrued expenses and other current liabilities
13,145
7,469
Deferred revenue
-
6,636
Current operating lease liabilities
722
634
Total current liabilities
27,796
21,377
Warrant liabilities
38,946
58,062
Non-current operating lease liabilities
7,046
7,525
Long-term debt
4,758
5,000
Total liabilities
78,546
91,964
Commitments and contingencies
Stockholders' Equity:
Class A Common Stock, $.0001 par value, 800,000,000 shares authorized, 71,819,926 and 51,730,904 shares issued and outstanding as of December 31, 2022 and 2021, respectively.
7
5
Class B Common Stock, $.0001 par value, 200,000,000 shares authorized, 50,041,757 and 51,636,922 shares issued and outstanding as of December 31, 2022 and 2021, respectively.
5
5
Class C Common Stock, $.0001 par value, 125,000,000 shares authorized, 78,163,078 shares issued and outstanding as of December 31, 2022 and 2021, respectively.
8
8
Additional paid-in capital
235,384
171,155
Accumulated other comprehensive income (loss)
229
(433
)
Accumulated deficit
(102,101
)
(70,461
)
Noncontrolling interest
226,294
251,693
Total stockholders' equity
359,826
351,972
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
438,372
$
443,936
AST SPACEMOBILE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share data)
Year Ended December 31,
2022
2021
Revenues
$
13,825
$
12,405
Cost of sales (exclusive of items shown separately below)
6,714
7,563
Gross profit
7,111
4,842
Operating expenses:
Engineering services
54,212
29,599
General and administrative costs
48,332
35,636
Research and development costs
45,620
23,440
Depreciation and amortization
4,711
2,913
Total operating expenses
152,875
91,588
Other income:
Gain on remeasurement of warrant liabilities
19,114
15,766
Other income (expense), net
24,154
(1,950
)
Total other income, net
43,268
13,816
Loss before income tax expense
(102,496
)
(72,930
)
Income tax expense
617
331
Net loss before allocation to noncontrolling interest
(103,113
)
(73,261
)
Net loss attributable to noncontrolling interest
(71,473
)
(42,708
)
Net loss attributable to common stockholders
$
(31,640
)
$
(30,553
)
Net loss per share attributable to holders of Class A Common Stock (1)
Basic and diluted
$
(0.58
)
$
(0.37
)
Weighted average shares of Class A Common Stock outstanding (1)
Basic and diluted
54,437,073
51,729,785
(1)
Net loss per share information for the year ended December 31, 2021 did not include the loss prior to the date of Business Combination.AST SPACEMOBILE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
Year Ended December 31,
2022
2021
Net loss before allocation to noncontrolling interest
$
(103,113
)
$
(73,261
)
Other comprehensive loss
Foreign currency translation adjustments
(295
)
(666
)
Total other comprehensive loss
(295
)
(666
)
Total comprehensive loss before allocation to noncontrolling interest
(103,408
)
(73,927
)
Comprehensive loss attributable to noncontrolling interest
(71,704
)
(43,109
)
Comprehensive loss attributable to common stockholders
$
(31,704
)
$
(30,818
)
AST SPACEMOBILE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
For the Three Months Ended December 31,
2022
2021
Revenues
$
-
$
6,220
Cost of sales (exclusive of items shown separately below)
-
3,441
Gross profit
-
2,779
Operating expenses:
Engineering services
16,004
10,842
General and administrative costs
10,698
11,605
Research and development costs
14,651
7,949
Depreciation and amortization
1,254
864
Total operating expenses
42,607
31,260
Other income:
Gain on remeasurement of warrant liabilities
17,445
18,042
Other expense, net
(57
)
(2,106
)
Total other income, net
17,388
15,936
Loss before income tax expense
(25,219
)
(12,545
)
Income tax (benefit) expense
(130
)
258
Net loss before allocation to noncontrolling interest
(25,089
)
(12,803
)
Net loss attributable to noncontrolling interest
(16,860
)
(9,693
)
Net loss attributable to common stockholders
$
(8,229
)
$
(3,110
)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted
$
(0.14
)
$
(0.06
)
Weighted average shares of Class A Common Stock outstanding
Basic and diluted
60,799,275
51,729,943
AST SPACEMOBILE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended December 31,
2022
2021
Net loss before allocation to noncontrolling interest
$
(25,089
)
$
(12,803
)
Other comprehensive income (loss)
Foreign currency translation adjustments
1,570
(172
)
Total other comprehensive income (loss)
1,570
(172
)
Total comprehensive loss before allocation to noncontrolling interest
(23,519
)
(12,975
)
Comprehensive loss attributable to noncontrolling interest
(15,789
)
(9,826
)
Comprehensive loss attributable to common stockholders
$
(7,730
)
$
(3,149
)
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Years Ended December 31,
2022
2021
Cash flows from operating activities:
Net loss before allocation to noncontrolling interest
$
(103,113
)
$
(73,261
)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
Gain on sale of interest in NanoAvionika UAB
(24,542
)
-
Depreciation and amortization
4,711
2,913
Gain on remeasurement of warrant liabilities
(19,114
)
(15,766
)
Loss on sale of Property and equipment
305
-
Non-cash lease expense
720
574
Stock-based compensation
9,391
3,736
Issuance of common stock for commitment shares
332
-
Changes in operating assets and liabilities:
Accounts receivable
(1,993
)
(220
)
Prepaid expenses and other current assets
(24,588
)
(4,216
)
Inventory
(2,461
)
1,039
Accounts payable and accrued expenses
18,438
2,091
Operating lease liabilities
(680
)
(398
)
Deferred revenue
2,395
3,572
Other assets and liabilities
(16,265
)
(159
)
Net cash used in operating activities
(156,464
)
(80,095
)
Cash flows from investing activities:
Purchase of property and equipment
(30,317
)
(15,080
)
BlueWalker 3 satellite - construction in process
(26,967
)
(39,712
)
Proceeds from sale of Nano, net of cash deconsolidated and transaction costs
25,932
-
Net cash used in investing activities
(31,352
)
(54,792
)
Cash flows from financing activities:
Proceeds from issuance of common stock
102,023
-
Proceeds from Business Combination
-
456,420
Direct costs incurred for the Business Combination
-
(39,542
)
Issuance of incentive equity units under employee stock plan
73
-
Proceeds from warrant exercises
14
14
Proceeds from debt
230
49
Net cash provided by financing activities
102,340
416,941
Effect of exchange rate changes on cash, cash equivalents and restricted cash
195
(294
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(85,281
)
281,760
Cash, cash equivalents and restricted cash, beginning of period
324,537
42,777
Cash, cash equivalents and restricted cash, end of period
$
239,256
$
324,537
Supplemental disclosure of cash flow information:
Non-cash transactions:
Purchases of construction in process in accounts payable and accrued expenses
$
4,670
$
3,265
Purchases of property and equipment in accounts payable and accrued expenses
256
1,429
Right-of-use assets obtained in exchange for operating lease liabilities
1,129
1,557
Purchases of property and equipment using proceeds from long-term debt
-
5,000
Cash paid during the fiscal year for:
Interest
$
224
$
13
Income taxes, net
684
186
View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005877/en/
Investors: Scott Wisniewski investors@ast-science.com
Media: Brandyn Bissinger press@ast-science.com +1 866 845 6521
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