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AST SpaceMobile(ASTS) - 2024 Q2 - Quarterly Results
ASTSAST SpaceMobile(ASTS)2024-08-14 20:34

Satellite Deployment and Technology - 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 [3] - Secured FCC approval with initial license for launch of first 5 commercial satellites [3] - First 5 commercial satellites capable of U.S. nationwide non-continuous service with 5,600+ cells in premium low-band spectrum [4] - ASIC chip tape-out phase completed with TSMC, expected to support up to 10x improvement of processing bandwidth per satellite [4] - Initial Block 2 BlueBird planning and production of 17 satellites underway at AST SpaceMobile manufacturing facilities in Texas [4] Financial Performance and Expenses - As of June 30, 2024, AST SpaceMobile had cash, cash equivalents, and restricted cash of 287.6million[5]−Totaloperatingexpensesforthesecondquarterof2024were287.6 million [5] - Total operating expenses for the second quarter of 2024 were 63.9 million, including 29.3millionofdepreciationandamortizationandstock−basedcompensationexpense[5]−TotalAdjustedoperatingexpensesforthesecondquarterof2024were29.3 million of depreciation and amortization and stock-based compensation expense [5] - Total Adjusted operating expenses for the second quarter of 2024 were 34.6 million, an increase of 3.5millionascomparedto3.5 million as compared to 31.1 million in the first quarter of 2024 [5] - As of June 30, 2024, AST SpaceMobile has incurred approximately 347.5millionofgrosscapitalizedpropertyandequipmentcostsandaccumulateddepreciationandamortizationof347.5 million of gross capitalized property and equipment costs and accumulated depreciation and amortization of 99.3 million [5] - Revenues for the three months ended June 30, 2024, were 900thousand,comparedtonorevenueinthesameperiodin2023[17]−TotaloperatingexpensesforthethreemonthsendedJune30,2024,were900 thousand, compared to no revenue in the same period in 2023 [17] - Total operating expenses for the three months ended June 30, 2024, were 63.893 million, up from 58.070millioninthesameperiodin2023[17]−NetlossbeforeallocationtononcontrollinginterestforthethreemonthsendedJune30,2024,was58.070 million in the same period in 2023 [17] - Net loss before allocation to noncontrolling interest for the three months ended June 30, 2024, was 131.350 million, compared to 49.589millioninthesameperiodin2023[19]−NetcashusedinoperatingactivitiesforthesixmonthsendedJune30,2024,was49.589 million in the same period in 2023 [19] - Net cash used in operating activities for the six months ended June 30, 2024, was 64.274 million, compared to 87.989millioninthesameperiodin2023[21]−PurchaseofpropertyandequipmentforthesixmonthsendedJune30,2024,was87.989 million in the same period in 2023 [21] - Purchase of property and equipment for the six months ended June 30, 2024, was 61.770 million, up from 22.972millioninthesameperiodin2023[21]−ProceedsfromdebtforthesixmonthsendedJune30,2024,were22.972 million in the same period in 2023 [21] - Proceeds from debt for the six months ended June 30, 2024, were 145.000 million, compared to no proceeds in the same period in 2023 [21] - Adjusted operating expenses for the three months ended June 30, 2024, were 34.627million,afterexcludingstock−basedcompensationanddepreciationandamortization[23]−Stock−basedcompensationexpenseforthethreemonthsendedJune30,2024,was34.627 million, after excluding stock-based compensation and depreciation and amortization [23] - Stock-based compensation expense for the three months ended June 30, 2024, was 8.874 million, primarily in engineering services and general and administrative costs [23] - Net cash provided by financing activities for the six months ended June 30, 2024, was 325.743million,comparedto325.743 million, compared to 63.627 million in the same period in 2023 [21] - Cash, cash equivalents, and restricted cash at the end of June 30, 2024, were 287.567million,upfrom287.567 million, up from 191.471 million at the end of the same period in 2023 [21] Non-GAAP Financial Measures - Adjusted operating expenses, Adjusted engineering services costs, and Adjusted general and administrative costs are non-GAAP financial measures used by the company to evaluate operating performance and manage the business [25] - These non-GAAP measures are used in preparing the company's annual operating budget and financial projections [25] - The non-GAAP measures have no standardized meaning under U.S. GAAP and may not be comparable to similar measures of other companies [25] - These measures are not substitutes for their most directly comparable GAAP measures: Total operating expenses, Engineering services costs, and General and administrative costs [25] Strategic Investments and Partnerships - Strategic investment by Verizon brings 100millionfinancialcommitment,including100 million financial commitment, including 65 million of commercial prepayments and $35 million of convertible notes [3]