AST SpaceMobile(ASTS) - 2024 Q3 - Quarterly Results

Financial Performance - Revenues for the three months ended September 30, 2024, were $1,100,000, compared to$0 for the same period in 2023[13] - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $(171,946,000), compared to$(20,909,000) for the same period in 2023[13] - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(1.10), compared to$(0.23) for the same period in 2023[13] - Total comprehensive loss attributable to common stockholders for the three months ended September 30, 2024, was $(171,645,000), compared to$(21,056,000) for the same period in 2023[14] - Total operating expenses for the nine months ended September 30, 2024, were $186,538,000, an increase from$161,489,000 in 2023, representing a 15.5% increase[13] Cash and Liquidity - As of September 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $518.9 million, benefiting from a$153.3 million net proceeds from warrant redemption[4] - Cash, cash equivalents, and restricted cash at the end of the period were $518,886,000, compared to$135,726,000 at the end of September 30, 2023[15] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(97,703,000), compared to$(124,041,000) for the same period in 2023, indicating a 21.3% improvement[15] - Proceeds from the issuance of common stock for the nine months ended September 30, 2024, were $338,911,000, compared to$65,003,000 for the same period in 2023[15] Operating Expenses - Total operating expenses for Q3 2024 were $66.6 million, an increase of$2.7 million from $63.9 million in Q2 2024, primarily due to a$10.3 million increase in research and development costs[5] - Adjusted operating expenses for Q3 2024 were $45.3 million, reflecting a$10.7 million increase compared to $34.6 million in Q2 2024[5] - Engineering services costs for the three months ended September 30, 2024, were$21,202,000, with stock-based compensation of $(2,032,000), resulting in adjusted costs of$19,170,000[17] - Adjusted operating expenses, engineering services costs, and general and administrative costs are non-GAAP financial measures used by the company to evaluate operating performance[18] - These measures are not standardized under U.S. GAAP, limiting their comparability with similar measures from other companies[18] - The company uses these adjusted measures for preparing annual operating budgets and financial projections[18] Assets and Liabilities - The total liabilities as of September 30, 2024, were $318.8 million, compared to$147.3 million as of December 31, 2023[12] - The accumulated deficit as of September 30, 2024, was $(453.9) million, an increase from$(189.7) million as of December 31, 2023[12] - The total stockholders' equity increased to $502.8 million as of September 30, 2024, compared to$213.6 million as of December 31, 2023[12] Business Developments - The first five commercial BlueBird satellites successfully entered initial operations and filed a Special Temporary Authority request with the FCC to begin beta service with AT&T and Verizon[3] - The company secured new launch services agreements with Blue Origin and SpaceX for launches during 2025 and 2026, enabling the orbital launch of up to approximately 60 Block 2 BlueBird satellites[3] - The initial validation of the AST5000 ASIC chip was achieved, with plans for commissioning during 2025, supporting peak data transmission speeds up to 120 Mbps[3] - The company added three new contract awards with the U.S. Government, expanding its customer ecosystem and leveraging existing in-orbit technology capabilities[3] Other Financial Metrics - The company reported a loss on remeasurement of warrant liabilities of $(236,912,000) for the three months ended September 30, 2024[13]