AST SpaceMobile Provides Business Update and Second Quarter 2024 Results
AST SpaceMobile (NASDAQ: ASTS) provided a business update for Q2 2024. Key highlights include:
1. First 5 commercial satellites ready for launch in September 2024.
2. Secured FCC approval for initial satellite launch.
3. Verizon joined as a strategic investor with a $100 million commitment.
4. Expanded U.S. Government relationship with successful initial tests.
5. Q2 2024 cash position: $287.6 million.
6. Q2 2024 total operating expenses: $63.9 million.
7. Adjusted operating expenses: $34.6 million.
8. Gross capitalized property and equipment costs: $347.5 million.
The company is progressing towards its goal of providing space-based cellular broadband connectivity, with partnerships including AT&T, Google, Verizon, Vodafone, and Rakuten.
AST SpaceMobile (NASDAQ: ASTS) ha fornito un aggiornamento aziendale per il secondo trimestre del 2024. I punti salienti includono:
1. I primi 5 satelliti commerciali pronti per il lancio a settembre 2024.
2. Approvazione della FCC per il lancio iniziale del satellite.
3. Verizon è entrata come investitore strategico con un impegno da 100 milioni di dollari.
4. Relazione ampliata con il governo degli Stati Uniti grazie a test iniziali riusciti.
5. Posizione di cassa per il secondo trimestre 2024: 287,6 milioni di dollari.
6. Spese operative totali per il secondo trimestre 2024: 63,9 milioni di dollari.
7. Spese operative rettificate: 34,6 milioni di dollari.
8. Costi totali capitalizzati di beni e attrezzature: 347,5 milioni di dollari.
L'azienda sta progredendo verso il suo obiettivo di fornire connettività a banda larga cellulare basata nello spazio, con partnership che includono AT&T, Google, Verizon, Vodafone e Rakuten.
AST SpaceMobile (NASDAQ: ASTS) proporcionó una actualización comercial para el segundo trimestre de 2024. Los puntos destacados incluyen:
1. Los primeros 5 satélites comerciales listos para el lanzamiento en septiembre de 2024.
2. Aprobación de la FCC para el lanzamiento inicial del satélite.
3. Verizon se unió como inversor estratégico con un compromiso de 100 millones de dólares.
4. Relación ampliada con el gobierno de EE. UU. tras exitosas pruebas iniciales.
5. Posición de efectivo del segundo trimestre de 2024: 287,6 millones de dólares.
6. Gastos operativos totales del segundo trimestre de 2024: 63,9 millones de dólares.
7. Gastos operativos ajustados: 34,6 millones de dólares.
8. Costos de propiedad y equipo capitalizados brutos: 347,5 millones de dólares.
La empresa avanza hacia su objetivo de proporcionar conectividad de banda ancha celular basada en el espacio, con asociaciones que incluyen AT&T, Google, Verizon, Vodafone y Rakuten.
AST SpaceMobile (NASDAQ: ASTS)는 2024년 2분기에 대한 비즈니스 업데이트를 제공했습니다. 주요 하이라이트에는:
1. 2024년 9월에 발사를 위해 준비된 최초의 상업용 위성 5개.
2. 초기 위성 발사를 위한 FCC 승인 확보.
3. Verizon이 1억 달러의 투자를 약속한 전략적 투자자로 참여.
4. 성공적인 초기 테스트를 통해 미국 정부와의 관계 확대.
5. 2024년 2분기 현금 보유액: 2억 8,760만 달러.
6. 2024년 2분기 총 운영비: 6,390만 달러.
7. 조정된 운영비: 3,460만 달러.
8. 자본화된 자산 및 장비 비용: 3억 4,750만 달러.
회사는 AT&T, Google, Verizon, Vodafone 및 Rakuten을 포함한 파트너십을 통해 우주 기반 모바일 브로드밴드 연결성을 제공하는 목표를 향해 나아가고 있습니다.
AST SpaceMobile (NASDAQ: ASTS) a fourni une mise à jour commerciale pour le deuxième trimestre 2024. Les points clés incluent :
1. Les 5 premiers satellites commerciaux prêts à être lancés en septembre 2024.
2. Obtention de l'approbation de la FCC pour le lancement initial du satellite.
3. Verizon s'est joint en tant qu'investisseur stratégique avec un engagement de 100 millions de dollars.
4. Relation élargie avec le gouvernement américain grâce à des tests initiaux couronnés de succès.
5. Position de liquidités pour le deuxième trimestre 2024 : 287,6 millions de dollars.
6. Dépenses opérationnelles totales pour le deuxième trimestre 2024 : 63,9 millions de dollars.
7. Dépenses opérationnelles ajustées : 34,6 millions de dollars.
8. Coûts de biens et d'équipements capitalisés bruts : 347,5 millions de dollars.
L'entreprise progresse vers son objectif de fournir une connectivité à large bande mobile par satellite, avec des partenariats incluant AT&T, Google, Verizon, Vodafone et Rakuten.
AST SpaceMobile (NASDAQ: ASTS) hat ein Geschäftsupdate für das zweite Quartal 2024 bereitgestellt. Wichtige Highlights sind:
1. Die ersten 5 kommerziellen Satelliten sind bereit für den Start im September 2024.
2. Sicherstellung der FCC-Genehmigung für den ersten Satellitenstart.
3. Verizon trat als strategischer Investor mit einem Engagement von 100 Millionen Dollar bei.
4. Erweiterte Beziehungen zur US-Regierung mit erfolgreichen ersten Tests.
5. Cash-Position im zweiten Quartal 2024: 287,6 Millionen Dollar.
6. Gesamte Betriebsausgaben im zweiten Quartal 2024: 63,9 Millionen Dollar.
7. Bereinigte Betriebskosten: 34,6 Millionen Dollar.
8. Brutto-kapitalisierte Kosten für Grundstücke und Anlagen: 347,5 Millionen Dollar.
Das Unternehmen arbeitet daran, seine Zielsetzung der Bereitstellung von satellitengestützter Mobilfunk-Breitbandverbindung zu erreichen, mit Partnerschaften, die AT&T, Google, Verizon, Vodafone und Rakuten umfassen.
- First 5 commercial satellites ready for launch in September 2024
- Secured FCC approval for initial satellite launch
- Verizon joined as strategic investor with $100 million commitment
- Expanded U.S. Government relationship with successful initial tests
- Strong cash position of $287.6 million as of June 30, 2024
- AST5000 ASIC chip development completed, expected to improve satellite processing bandwidth by up to 10x
- Total operating expenses increased to $63.9 million in Q2 2024, up from $56.0 million in Q1 2024
- Adjusted operating expenses increased to $34.6 million in Q2 2024, up from $31.1 million in Q1 2024
AST SpaceMobile's Q2 2024 results reveal significant progress towards commercialization, but with increased operating expenses. The company's cash position of
The strategic investment from Verizon, totaling
AST SpaceMobile's technological advancements are impressive. The completion of their AST5000 ASIC chip, developed over five years at a cost of
The 95% vertical integration for satellite component manufacturing is a strategic advantage, potentially reducing costs and improving quality control. However, it also increases the company's exposure to supply chain risks. The successful tape-out phase with TSMC for the ASIC chip is crucial, as it moves the company closer to production-ready hardware for their ambitious satellite network.
AST SpaceMobile's progress towards launching its first 5 commercial satellites marks a critical inflection point. The potential for nationwide, non-continuous service with AT&T and Verizon in the coming months could be a game-changer, addressing the persistent issue of cellular dead zones. This unique offering could capture significant market share, especially in rural and underserved areas.
The expansion into U.S. Government contracts opens new revenue streams and validates the technology's potential beyond commercial applications. However, investors should note that the initial service will be non-continuous, which may impact user experience and adoption rates. The success of the upcoming launch and subsequent in-orbit testing will be important in determining the company's ability to deliver on its ambitious promises and maintain its first-mover advantage in this nascent market.
"We stand at a pivotal moment for AST SpaceMobile," said Abel Avellan, Founder, Chairman and CEO of AST SpaceMobile. "The arrival of our first five commercial satellites at the launch site marks the culmination of years of relentless innovation and perseverance, in partnership with industry leaders like AT&T, Google, Verizon, Vodafone, and Rakuten, among others. The upcoming orbital launch is a significant step toward fulfilling our mission to eliminate dead zones and empower communities worldwide with space-based cellular broadband connectivity."
Business Update
-
First 5 commercial satellites on target for dedicated orbital launch in first half of September, each the largest-ever communications arrays to be deployed commercially in low Earth orbit
-
Final assembly and environmental testing completed successfully at AST SpaceMobile manufacturing facilities in
Texas - Satellites are now at Cape Canaveral preparing for launch vehicle integration ahead of a confirmed launch date
- Secured FCC approval with initial license for launch of first 5 commercial satellites
-
Final assembly and environmental testing completed successfully at AST SpaceMobile manufacturing facilities in
-
Expanded the AST SpaceMobile commercial ecosystem, adding Verizon as strategic investor and customer, joining AT&T in the
U.S. -
Strategic investment by Verizon brings
financial commitment, including$100 million of commercial prepayments and$65 million of convertible notes$35 million -
Along with AT&T, which signed a definitive commercial agreement in May, enables nationwide ~
100% geographical coverage target of the continentalU.S. on premium 850 MHZ low-band spectrum - Continue to advance discussions with additional strategic partners, following the blueprint of commercial prepayments alongside commercial agreements
-
Strategic investment by Verizon brings
-
First 5 commercial satellites capable of
U.S. nationwide non-continuous service with 5,600+ cells in premium low-band spectrum- Expect initial nationwide, non-continuous service to be available with AT&T and Verizon beta test users following in-orbit service activation over the coming months
- Coverage and service to increase as satellite constellation is expanded with Block 2 satellites
-
ASIC chip tape-out phase completed with TSMC, expected to support up to 10x improvement of processing bandwidth per satellite
-
AST5000 ASIC is a novel, custom and low-power architecture developed over five years and approximately
of development cost$45 million
-
AST5000 ASIC is a novel, custom and low-power architecture developed over five years and approximately
-
Initial Block 2 BlueBird planning and production of 17 satellites underway at AST SpaceMobile manufacturing facilities in
Texas -
Approximately
95% vertically integrated for manufacturing of satellite components and subsystems, for which we own or license the IP and control the manufacturing process
-
Approximately
-
Expanded
U.S. Government relationship with initial in-orbit testing and additional early-stage contract awards to one of our prime contractors- Successful initial in-orbit and ground tests for non-communications applications, reflected in completed contractual milestones and revenue
-
Additional
U.S. Government contract awards in recent months, with outlook for additional and larger sized contract awards
Second Quarter 2024 Financial Highlights
-
As of June 30, 2024, we had cash, cash equivalents, and restricted cash of
. We have additional liquidity of$287.6 million in gross proceeds available to draw under the Senior Secured Credit Facility, subject to certain conditions and approvals$51.5 million -
Total operating expenses for the second quarter of 2024 were
, including$63.9 million of depreciation and amortization and stock-based compensation expense. This represents an increase of$29.3 million as compared to$7.9 million in the first quarter of 2024, due to a$56.0 million increase in general and administrative costs, a$5.6 million increase in engineering services costs, a$1.7 million increase in depreciation and amortization expense, and a$0.4 million increase in research and development costs$0.2 million -
Total Adjusted operating expenses for the second quarter of 2024 were
, an increase of$34.6 million as compared to$3.5 million in the first quarter of 2024, due to a$31.1 million increase in Adjusted general and administrative costs, a$2.0 million increase in Adjusted engineering services costs and a$1.3 million increase in research and development costs(1)$0.2 million -
As of June 30, 2024, we have incurred approximately
of gross capitalized property and equipment costs and accumulated depreciation and amortization of$347.5 million . The capitalized costs include costs of satellite materials for BlueBird satellites, advance launch payments, BlueWalker 3 satellite, assembly and integration facilities including assembly and test equipment, and ground antennas$99.3 million
(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
Conference Call Information
AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Wednesday, August 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 1 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.
Second Quarter Financial Results
AST SPACEMOBILE, INC.
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As of |
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June 30, 2024 |
|
December 31, 2023 |
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|
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ASSETS |
|
|
|
|
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Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
285,085 |
|
|
$ |
85,622 |
|
Restricted cash |
|
|
2,482 |
|
|
|
2,475 |
|
Prepaid expenses |
|
|
7,359 |
|
|
|
4,591 |
|
Other current assets |
|
|
20,233 |
|
|
|
14,194 |
|
Total current assets |
|
|
315,159 |
|
|
|
106,882 |
|
|
|
|
|
|
||||
Non-current assets: |
|
|
|
|
||||
Property and equipment, net |
|
|
248,162 |
|
|
|
238,478 |
|
Operating lease right-of-use assets, net |
|
|
12,344 |
|
|
|
13,221 |
|
Other non-current assets |
|
|
3,972 |
|
|
|
2,311 |
|
TOTAL ASSETS |
|
$ |
579,637 |
|
|
$ |
360,892 |
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
12,175 |
|
|
$ |
20,575 |
|
Accrued expenses and other current liabilities |
|
|
13,653 |
|
|
|
23,926 |
|
Contract liabilities |
|
|
21,780 |
|
|
|
- |
|
Current operating lease liabilities |
|
|
1,517 |
|
|
|
1,468 |
|
Current portion of long-term debt |
|
|
258 |
|
|
|
252 |
|
Total current liabilities |
|
|
49,383 |
|
|
|
46,221 |
|
|
|
|
|
|
||||
Non-current liabilities: |
|
|
|
|
||||
Warrant liabilities |
|
|
77,886 |
|
|
|
29,960 |
|
Non-current operating lease liabilities |
|
|
10,952 |
|
|
|
11,900 |
|
Long-term debt, net |
|
|
199,546 |
|
|
|
59,252 |
|
Total liabilities |
|
|
337,767 |
|
|
|
147,333 |
|
|
|
|
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||||
Commitments and contingencies |
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||||
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Stockholders' Equity: |
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|
|
|
||||
Class A Common Stock, |
|
|
15 |
|
|
|
9 |
|
Class B Common Stock, |
|
|
4 |
|
|
|
5 |
|
Class C Common Stock, |
|
|
8 |
|
|
|
8 |
|
Additional paid-in capital |
|
|
427,096 |
|
|
|
288,404 |
|
Accumulated other comprehensive income |
|
|
52 |
|
|
|
227 |
|
Accumulated deficit |
|
|
(281,942 |
) |
|
|
(189,662 |
) |
Noncontrolling interest |
|
|
96,637 |
|
|
|
114,568 |
|
Total stockholders' equity |
|
|
241,870 |
|
|
|
213,559 |
|
|
|
|
|
|
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
579,637 |
|
|
$ |
360,892 |
|
AST SPACEMOBILE, INC.
|
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For the Three Months
|
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For the Six Months
|
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|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
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|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
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Revenues |
|
$ |
900 |
|
|
$ |
- |
|
|
|
$ |
1,400 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||||||
Engineering services costs |
|
|
21,202 |
|
|
|
22,813 |
|
|
|
|
40,719 |
|
|
|
39,296 |
|
General and administrative costs |
|
|
17,839 |
|
|
|
10,221 |
|
|
|
|
30,126 |
|
|
|
20,078 |
|
Research and development costs |
|
|
4,460 |
|
|
|
10,921 |
|
|
|
|
8,711 |
|
|
|
27,302 |
|
Depreciation and amortization |
|
|
20,392 |
|
|
|
14,115 |
|
|
|
|
40,336 |
|
|
|
15,848 |
|
Total operating expenses |
|
|
63,893 |
|
|
|
58,070 |
|
|
|
|
119,892 |
|
|
|
102,524 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) gain on remeasurement of warrant liabilities |
|
|
(66,140 |
) |
|
|
6,475 |
|
|
|
|
(47,926 |
) |
|
|
13,973 |
|
Interest (expense) income, net |
|
|
(2,238 |
) |
|
|
1,724 |
|
|
|
|
(4,460 |
) |
|
|
3,816 |
|
Other income (expense), net |
|
|
252 |
|
|
|
(507 |
) |
|
|
|
250 |
|
|
|
(10,743 |
) |
Total other income (expense), net |
|
|
(68,126 |
) |
|
|
7,692 |
|
|
|
|
(52,136 |
) |
|
|
7,046 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loss before income tax (expense) benefit |
|
|
(131,119 |
) |
|
|
(50,378 |
) |
|
|
|
(170,628 |
) |
|
|
(95,478 |
) |
Income tax (expense) benefit |
|
|
(231 |
) |
|
|
789 |
|
|
|
|
(526 |
) |
|
|
673 |
|
Net loss before allocation to noncontrolling interest |
|
|
(131,350 |
) |
|
|
(49,589 |
) |
|
|
|
(171,154 |
) |
|
|
(94,805 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to noncontrolling interest |
|
|
(58,800 |
) |
|
|
(31,181 |
) |
|
|
|
(78,874 |
) |
|
|
(60,079 |
) |
Net loss attributable to common stockholders |
|
$ |
(72,550 |
) |
|
$ |
(18,408 |
) |
|
|
$ |
(92,280 |
) |
|
$ |
(34,726 |
) |
Net loss per share attributable to holders of Class A Common Stock |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(0.24 |
) |
|
|
$ |
(0.70 |
) |
|
$ |
(0.47 |
) |
Weighted-average shares of Class A Common Stock outstanding |
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
141,185,500 |
|
|
|
75,640,650 |
|
|
|
|
131,316,319 |
|
|
|
73,753,412 |
|
AST SPACEMOBILE, INC.
|
||||||||||||||||
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss before allocation to noncontrolling interest |
|
$ |
(131,350 |
) |
|
$ |
(49,589 |
) |
|
$ |
(171,154 |
) |
|
$ |
(94,805 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments |
|
|
(123 |
) |
|
|
(40 |
) |
|
|
(339 |
) |
|
|
(168 |
) |
Total other comprehensive loss |
|
|
(123 |
) |
|
|
(40 |
) |
|
|
(339 |
) |
|
|
(168 |
) |
Total comprehensive loss before allocation to noncontrolling interest |
|
|
(131,473 |
) |
|
|
(49,629 |
) |
|
|
(171,493 |
) |
|
|
(94,973 |
) |
Comprehensive loss attributable to noncontrolling interest |
|
|
(58,854 |
) |
|
|
(31,196 |
) |
|
|
(79,038 |
) |
|
|
(60,176 |
) |
Comprehensive loss attributable to common stockholders |
|
$ |
(72,619 |
) |
|
$ |
(18,433 |
) |
|
$ |
(92,455 |
) |
|
$ |
(34,797 |
) |
AST SPACEMOBILE, INC.
|
|||||||||
|
|
|
For the Six Months Ended June 30, |
||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
|
|
||||
Net loss before allocation to noncontrolling interest |
|
|
$ |
(171,154 |
) |
|
$ |
(94,805 |
) |
Adjustments to reconcile net loss before noncontrolling interest to cash
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
|
40,336 |
|
|
|
15,848 |
|
Amortization of debt issuance costs |
|
|
|
1,901 |
|
|
|
- |
|
Loss on disposal of property and equipment |
|
|
|
2,221 |
|
|
|
- |
|
Loss (gain) on remeasurement of warrant liabilities |
|
|
|
47,926 |
|
|
|
(13,973 |
) |
Stock-based compensation |
|
|
|
13,807 |
|
|
|
8,006 |
|
Paid-in-kind ("PIK") interest expense |
|
|
|
2,959 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||||
Prepaid expenses and other current assets |
|
|
|
(10,128 |
) |
|
|
(15,547 |
) |
Accounts payable and accrued expenses |
|
|
|
(14,873 |
) |
|
|
(4,112 |
) |
Operating lease right-of-use assets and operating lease liabilities |
|
|
|
(21 |
) |
|
|
35 |
|
Contract liabilities |
|
|
|
21,780 |
|
|
|
- |
|
Other assets and liabilities |
|
|
|
972 |
|
|
|
16,559 |
|
Net cash used in operating activities |
|
|
|
(64,274 |
) |
|
|
(87,989 |
) |
|
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
|
|
||||
Purchase of property and equipment |
|
|
|
(61,770 |
) |
|
|
(22,972 |
) |
Net cash used in investing activities |
|
|
|
(61,770 |
) |
|
|
(22,972 |
) |
|
|
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
|
|
||||
Proceeds from debt |
|
|
|
145,000 |
|
|
|
- |
|
Repayments of debt |
|
|
|
(124 |
) |
|
|
(120 |
) |
Payments for debt issuance costs |
|
|
|
(5,162 |
) |
|
|
- |
|
Proceeds from issuance of common stock |
|
|
|
189,921 |
|
|
|
64,284 |
|
Payments for equity issuance costs |
|
|
|
(2,757 |
) |
|
|
(717 |
) |
Issuance of equity under employee stock plan |
|
|
|
105 |
|
|
|
180 |
|
Employee taxes paid for stock-based compensation awards |
|
|
|
(1,240 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
|
|
325,743 |
|
|
|
63,627 |
|
|
|
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
(229 |
) |
|
|
(451 |
) |
|
|
|
|
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
199,470 |
|
|
|
(47,785 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
|
88,097 |
|
|
|
239,256 |
|
Cash, cash equivalents and restricted cash, end of period |
|
|
$ |
287,567 |
|
|
$ |
191,471 |
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
||||
Non-cash activities: |
|
|
|
|
|
||||
Right-of-use assets obtained in exchange for operating lease liabilities |
|
|
$ |
- |
|
|
$ |
6,510 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
||||
Purchases of property and equipment in accounts payable and accrued expenses |
|
|
$ |
8,073 |
|
|
$ |
852 |
|
PIK interest paid through issuance of PIK notes |
|
|
|
2,959 |
|
|
|
- |
|
Cash paid for: |
|
|
|
|
|
||||
Interest |
|
|
$ |
4,422 |
|
|
$ |
105 |
|
Income taxes, net |
|
|
|
902 |
|
|
|
370 |
|
AST SPACEMOBILE, INC.
|
||||||||||||
|
|
For the Three Months Ended June 30, 2024 |
||||||||||
|
|
GAAP Reported |
|
|
Stock-Based
|
|
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 |
|
|||
|
|
For the Three Months Ended March 31, 2024 |
||||||||||
|
|
GAAP Reported |
|
|
Stock-Based
|
|
Adjusted |
|||||
Engineering services costs |
|
$ |
19,511 |
|
|
$ |
(1,607 |
) |
|
$ |
17,904 |
|
General and administrative costs |
|
|
12,287 |
|
|
|
(3,326 |
) |
|
|
8,961 |
|
Research and development costs |
|
|
4,257 |
|
|
|
- |
|
|
|
4,257 |
|
Depreciation and amortization |
|
|
19,945 |
|
|
|
- |
|
|
|
19,945 |
|
Total operating expenses |
|
$ |
56,000 |
|
|
$ |
(4,933 |
) |
|
$ |
51,067 |
|
Less: Depreciation and amortization |
|
|
|
|
|
|
|
(19,945 |
) |
|||
Adjusted operating expenses |
|
|
|
|
|
|
$ |
31,122 |
|
|||
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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814230496/en/
Investor Contact:
Scott Wisniewski
investors@ast-science.com
Media Contact:
Allison
Eva Murphy Ryan
917-547-7289
ASTSpaceMobile@allisonpr.com
Source: AST SpaceMobile, Inc.
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