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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.08 | -3.43% | 2.25 | 2.25 | 2.26 | 2.305 | 2.22 | 2.29 | 550,128 | 18:36:09 |
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, today is providing its business update for the third quarter ended September 30, 2022.
“The successful unfolding of BlueWalker 3 is a major step forward for our patented space-based cellular broadband technology and paves the way for the ongoing production of our BlueBird satellites,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “In completing this deployment, as well as the other learnings from stowing, launching, operating, testing and flying the satellite over the last 2 months, we feel confident in our architecture and do not foresee any major changes to the architecture of our Block 1 satellites.”
Business Update
Progress with our BlueWalker 3 test satellite
Industrialization of our SpaceMobile constellation
Third Quarter 2022 Financial Highlights
Conference Call Information
AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) today, November 14, 2022. 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, 2022.
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, 2022. 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.
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands, except share data)
September 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
198,869
$
321,787
Restricted cash (1)
660
2,750
Accounts receivable
-
2,173
Inventories
-
1,412
Prepaid expenses
5,650
2,831
Other current assets
20,127
4,850
Total current assets
225,306
335,803
Property and equipment:
BlueWalker 3 satellite - construction in progress
92,094
67,615
Property and equipment, net
43,543
28,327
Total property and equipment, net
135,637
95,942
Other non-current assets:
Operating lease right-of-use assets, net
7,901
7,991
Goodwill
-
3,641
Other non-current assets
17,424
559
Total other non-current assets
25,325
12,191
TOTAL ASSETS
$
386,268
$
443,936
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
9,546
$
6,638
Accrued expenses and other current liabilities
10,837
7,469
Deferred revenue
-
6,636
Current operating lease liabilities
803
634
Total current liabilities
21,186
21,377
Warrant liabilities
56,390
58,062
Non-current operating lease liabilities
7,195
7,525
Long-term debt
4,820
5,000
Total liabilities
89,591
91,964
Commitments and contingencies
Stockholders' Equity:
Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 54,369,296 and 51,730,904 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively.
5
5
Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 51,636,922 shares issued and outstanding as of September 30, 2022 and December 31, 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 September 30, 2022 and December 31, 2021, respectively.
8
8
Additional paid-in capital
185,435
171,155
Accumulated other comprehensive loss
(271
)
(433
)
Accumulated deficit
(93,872
)
(70,461
)
Noncontrolling interest
205,367
251,693
Total stockholders' equity
296,677
351,972
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
386,268
$
443,936
(1)
As of September 30, 2022, restricted cash of $0.7 million represents deposits against the bank guaranty issued to the landlord for lease of a property. As of December 31, 2021, restricted cash of $2.8 million represented deposits with a bank to exclusively use for capital improvements at the Company’s facility in Texas, United States.
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,
2022
2021
2022
2021
Revenues
$
4,168
$
2,450
$
13,825
$
6,185
Cost of sales (exclusive of items shown separately below)
2,525
2,103
6,714
4,122
Gross profit
1,643
347
7,111
2,063
Operating expenses:
Engineering services
14,492
8,026
38,208
18,757
General and administrative costs
12,916
9,331
37,634
24,031
Research and development costs
13,543
4,888
30,969
15,491
Depreciation and amortization
1,172
867
3,457
2,049
Total operating expenses
42,123
23,112
110,268
60,328
Other income (expense):
(Loss) gain on remeasurement of warrant liabilities
(15,897
)
39,401
1,669
(2,276
)
Other income, net
24,875
184
24,211
156
Total other income (expense), net
8,978
39,585
25,880
(2,120
)
(Loss) income before income tax expense
(31,502
)
16,820
(77,277
)
(60,385
)
Income tax expense
550
16
747
73
Net (loss) income before allocation to noncontrolling interest
(32,052
)
16,804
(78,024
)
(60,458
)
Net (loss) income attributable to noncontrolling interest
(22,286
)
12,689
(54,613
)
(33,015
)
Net (loss) income attributable to common stockholders
$
(9,766
)
$
4,115
$
(23,411
)
$
(27,443
)
Net (loss) income per share of common stock attributable to common stockholders (1)
Basic
$
(0.18
)
$
0.08
$
(0.45
)
$
(0.31
)
Diluted
$
(0.18
)
$
0.07
$
(0.45
)
$
(0.31
)
Weighted average shares used in computing net (loss) income per share of common stock (1)
Basic
53,233,552
51,729,704
52,292,972
51,729,704
Diluted
53,233,552
51,839,841
52,292,972
51,729,704
(1)
Earnings per share information excludes earnings for the periods prior to the Business Combination, as it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements.
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(dollars in thousands)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2022
2021
2022
2021
Net loss before allocation to noncontrolling interest
$
(32,052
)
$
16,804
$
(78,024
)
$
(60,458
)
Other comprehensive loss
Foreign currency translation adjustments
(1,267
)
(220
)
(1,865
)
(494
)
Total other comprehensive loss
(1,267
)
(220
)
(1,865
)
(494
)
Total comprehensive loss before allocation to noncontrolling interest
(33,319
)
16,584
(79,889
)
(60,952
)
Comprehensive loss attributable to noncontrolling interest
(23,083
)
12,490
(55,915
)
(33,283
)
Comprehensive loss attributable to common stockholders
$
(10,236
)
$
4,094
$
(23,974
)
$
(27,669
)
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
For the Nine Months Ended September 30,
2022
2021
Cash flows from operating activities:
Net loss before allocation to noncontrolling interest
$
(78,024
)
$
(60,458
)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
Gain on sale of Nano
(24,646
)
-
Depreciation and amortization
3,457
2,049
(Gain) loss on remeasurement of warrant liabilities
(1,669
)
2,276
Non-cash lease expense
364
505
Stock-based compensation
7,093
1,899
Issuance of common stock for commitment shares
332
-
Changes in operating assets and liabilities:
Accounts receivable
(2,241
)
710
Prepaid expenses and other current assets
(20,444
)
(2,700
)
Inventory
(2,461
)
(282
)
Accounts payable and accrued expenses
12,259
(1,069
)
Operating lease liabilities
(323
)
(354
)
Deferred revenue
2,395
1,662
Other assets and liabilities
(17,516
)
(2,850
)
Net cash used in operating activities
(121,424
)
(58,612
)
Cash flows from investing activities:
Purchase of property and equipment
(20,685
)
(11,293
)
BlueWalker 3 satellite - construction in process
(25,165
)
(29,201
)
Proceeds from sale of Nano, net of cash deconsolidated and transaction costs
26,036
-
Net cash used in investing activities
(19,814
)
(40,494
)
Cash flows from financing activities:
Proceeds from issuance of common stock
16,994
-
Proceeds from business combination
-
456,420
Direct and incremental costs incurred for the Business Combination
-
(39,542
)
Issuance of incentive units under employee stock plan
60
Warrant exercises
14
-
Proceeds from debt
230
-
Net cash provided by financing activities
17,298
416,878
Effect of exchange rate changes on cash and cash equivalents
(1,068
)
(159
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(125,008
)
317,613
Cash, cash equivalents and restricted cash, beginning of period
324,537
42,777
Cash, cash equivalents and restricted cash, end of period
$
199,529
$
360,390
Supplemental disclosure of cash flow information:
Non-cash transactions:
Purchases of construction in process in accounts payable
$
3,966
$
2,266
Purchases of property and equipment in accounts payable
755
1,306
Right-of-use assets obtained in exchange for operating lease liabilities
1,129
-
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114006023/en/
Investor Contact: Scott Wisniewski investors@ast-science.com
Media Contact: Brandyn Bissinger press@ast-science.com +1 866 845 6521
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