In This Story
AST SpaceMobile Inc. (ASTS-0.58%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1.1 million, which were generated from completion of performance obligations under an agreement with a prime contractor for a U.S. Government contract.
Engineering services costs for the quarter were $21.8 million, reflecting an increase due to higher payroll and employee-related costs.
General and administrative costs increased to $15.6 million, driven by higher stock-based compensation expenses and professional services fees.
Research and development costs were $14.7 million, primarily related to the development of an ASIC chip.
Depreciation and amortization expenses decreased to $14.5 million due to the full depreciation of the BW3 test satellite.
The company reported a loss of $236.9 million from the remeasurement of warrant liabilities, attributed to the redemption and exercise of warrants.
Interest expense, net was $1.4 million, reflecting increased costs from debt arrangements.
Other income, net was $1.4 million, driven by non-operating income and offset by foreign exchange losses.
AST SpaceMobile launched five first-generation commercial BB satellites on September 12, 2024, with the satellites ready for use as of October 29, 2024.
The company continues to develop its Block 2 BB satellites, with plans to launch up to 60 satellites in 2025 and 2026.
AST SpaceMobile entered into a new Equity Distribution Agreement to sell up to $400 million of Class A Common Stock.
The company raised $153.3 million from the exercise of Public Warrants during the quarter.
AST SpaceMobile reported a net loss attributable to common stockholders of $171.9 million for the quarter.
The filing also details the company's liquidity and capital resources, noting $518.9 million in cash and cash equivalents as of September 30, 2024.
The company plans to raise additional capital to fund the design, assembly, and launch of its satellite constellation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AST SpaceMobile Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.