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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.6298 | -11.93% | 4.6502 | 4.67 | 4.72 | 5.69 | 4.43 | 5.60 | 15,845,720 | 00:05:34 |
AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, is providing its business update for the third quarter ended September 30, 2023.
“The manufacturing of our first five commercial satellites is at full speed at our Texas facilities, and we are looking forward to our expected launch in Q1 2024 as we target initial commercial service for both mobile network operators and governmental entities starting in 2024,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “In the third quarter, AST SpaceMobile announced another historic achievement and the capstone of our BlueWalker 3 testing program – the first-ever space-based 5G cellular broadband connection directly to an everyday smartphone. I am grateful for the dedication of our team and support of our network partners who have helped us reach multiple groundbreaking milestones this year.”
Business Update
Third Quarter 2023 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 Tuesday, November 14, 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, 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 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 results of the BW3 satellite tests, 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 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 SEC, including those in the Risk Factors section of AST SpaceMobile’s Form 10-K filed with the SEC on March 31, 2023.
The ongoing testing of the BW3 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, 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 additional 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.
Third Quarter Financial Results
AST SPACEMOBILE, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands, except share data)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
133,310
$
238,588
Restricted cash
2,416
668
Prepaid expenses
6,261
4,100
Other current assets
21,084
24,954
Total current assets
163,071
268,310
Property and equipment:
Property and equipment, gross
265,798
152,968
Less: Accumulated depreciation and amortization
(41,556
)
(6,979
)
Total property and equipment, net
224,242
145,989
Other non-current assets:
Operating lease right-of-use assets, net
13,212
7,671
Other non-current assets
1,605
16,402
Total other non-current assets
14,817
24,073
TOTAL ASSETS
$
402,130
$
438,372
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
7,811
13,929
Accrued expenses and other current liabilities
17,706
13,145
Current operating lease liabilities
1,384
722
Total current liabilities
26,901
27,796
Warrant liabilities
17,492
38,946
Non-current operating lease liabilities
11,979
7,046
Long-term debt, net
58,536
4,758
Total liabilities
114,908
78,546
Commitments and contingencies
Stockholders' Equity:
Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 89,675,329 and 71,819,926 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.
9
7
Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 50,041,757 shares issued and outstanding as of September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, respectively.
8
8
Additional paid-in capital
285,525
235,384
Accumulated other comprehensive income
11
229
Accumulated deficit
(157,736
)
(102,101
)
Noncontrolling interest
159,400
226,294
Total stockholders' equity
287,222
359,826
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
402,130
$
438,372
AST SPACEMOBILE, INC.
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,
2023
2022
2023
2022
Revenues
$
-
$
4,168
$
-
$
13,825
Cost of sales (exclusive of items shown separately below)
-
2,525
-
6,714
Gross profit
-
1,643
-
7,111
Operating expenses:
Engineering services costs
19,523
14,492
58,818
38,208
General and administrative costs
10,995
12,916
31,073
37,634
Research and development costs
9,418
13,543
36,721
30,969
Depreciation and amortization
19,029
1,172
34,877
3,457
Total operating expenses
58,965
42,123
161,489
110,268
Other income (expense):
Gain (loss) on remeasurement of warrant liabilities
7,481
(15,897
)
21,454
1,669
Other income (expense), net
1,002
24,875
(5,926
)
24,211
Total other income (expense), net
8,483
8,978
15,528
25,880
Loss before income tax (expense) benefit
(50,482
)
(31,502
)
(145,961
)
(77,277
)
Income tax (expense) benefit
(266
)
(550
)
408
(747
)
Net loss before allocation to noncontrolling interest
(50,748
)
(32,052
)
(145,553
)
(78,024
)
Net loss attributable to noncontrolling interest
(29,839
)
(22,286
)
(89,918
)
(54,613
)
Net loss attributable to common stockholders
$
(20,909
)
$
(9,766
)
$
(55,635
)
$
(23,411
)
Net loss per share attributable to holders of Class A Common Stock
Basic and diluted
$
(0.23
)
$
(0.18
)
$
(0.70
)
$
(0.45
)
Weighted-average shares of Class A Common Stock outstanding
Basic and diluted
89,514,621
53,233,552
79,065,471
52,292,972
AST SPACEMOBILE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2023
2022
2023
2022
Net loss before allocation to noncontrolling interest
$
(50,748
)
$
(32,052
)
$
(145,553
)
$
(78,024
)
Other comprehensive loss
Foreign currency translation adjustments
(358
)
(1,267
)
(526
)
(1,865
)
Total other comprehensive loss
(358
)
(1,267
)
(526
)
(1,865
)
Total comprehensive loss before allocation to noncontrolling interest
(51,106
)
(33,319
)
(146,079
)
(79,889
)
Comprehensive loss attributable to noncontrolling interest
(30,050
)
(23,083
)
(90,226
)
(55,915
)
Comprehensive loss attributable to common stockholders
$
(21,056
)
$
(10,236
)
$
(55,853
)
$
(23,974
)
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
For the Nine Months Ended September 30,
2023
2022
Cash flows from operating activities:
Net loss before allocation to noncontrolling interest
$
(145,553
)
$
(78,024
)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:
Gain on sale of Nano
-
(24,646
)
Depreciation and amortization
34,877
3,457
(Gain) loss on remeasurement of warrant liabilities
(21,454
)
(1,669
)
Amortization of debt issuance costs
374
-
Non-cash lease expense
659
364
Stock-based compensation
10,595
7,093
Issuance of common stock for commitment shares
-
332
Changes in operating assets and liabilities:
Accounts receivable
-
(2,241
)
Prepaid expenses and other current assets
1,601
(20,444
)
Inventory
-
(2,461
)
Accounts payable and accrued expenses
(6,215
)
12,259
Operating lease liabilities
(605
)
(323
)
Deferred revenue
-
2,395
Other assets and liabilities
1,680
(17,516
)
Net cash used in operating activities
(124,041
)
(121,424
)
Cash flows from investing activities:
Purchase of property and equipment and advance launch payments
(96,462
)
(45,850
)
Proceeds from the sale of Nano, net of cash deconsolidated and transaction costs
-
26,036
Net cash used in investing activities
(96,462
)
(19,814
)
Cash flows from financing activities:
Proceeds from debt
63,500
230
Repayments of debt
(180
)
-
Payment for debt issuance costs
(9,653
)
-
Proceeds from issuance of common stock, net of issuance costs
63,476
16,994
Issuance of equity under employee stock plan
225
60
Proceeds from warrant exercises
-
14
Net cash provided by financing activities
117,368
17,298
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(395
)
(1,068
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(103,530
)
(125,008
)
Cash, cash equivalents and restricted cash, beginning of period
239,256
324,537
Cash, cash equivalents and restricted cash, end of period
$
135,726
$
199,529
Supplemental disclosure of cash flow information:
Cash paid for interest
1,071
-
Non-cash transactions:
Purchases of property and equipment in accounts payable and accrued expenses
$
7,120
$
4,721
Right-of-use assets obtained in exchange for operating lease liabilities
6,709
1,129
AST SPACEMOBILE, INC.
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended September 30, 2023
GAAP Reported
Stock-Based Compensation Expense
Adjusted
Engineering services costs
$
19,523
$
(1,507
)
$
18,016
General and administrative costs
10,995
(1,082
)
9,913
Research and development costs
9,418
-
9,418
Depreciation and amortization
19,029
-
19,029
Total operating expenses
$
58,965
$
(2,589
)
$
56,376
Less: Depreciation and amortization
(19,029
)
Adjusted operating expenses
$
37,347
For the Three Months Ended June 30, 2023
GAAP Reported
Stock-Based Compensation Expense
Adjusted
Engineering services costs
$
22,813
$
(4,458
)
$
18,355
General and administrative costs
10,221
(1,074
)
9,147
Research and development costs
10,921
-
10,921
Depreciation and amortization
14,115
-
14,115
Total operating expenses
$
58,070
$
(5,532
)
$
52,538
Less: Depreciation and amortization
(14,115
)
Adjusted operating expenses
$
38,423
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 and 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/20231114308678/en/
Investor Contact: Scott Wisniewski investors@ast-science.com
Media Contact: Allison Eva Murphy Ryan 917-547-7289 AstSpaceMobile@allisonpr.com
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