AST SpaceMobile Stock Is Rising Tuesday: Here's What's Going On

AST SpaceMobile Inc ASTS shares are trading higher Tuesday following the company's second-quarter financial results. The company also announced new financing.

What Happened: AST SpaceMobile reported a second-quarter earnings loss of 24 cents per share, which missed estimates for a loss of 19 cents per share.

AST SpaceMobile said it received multiple indications of interest for strategic investment during the second quarter. 

The company raised cash and liquidity of up to $179 million during the quarter and ended the quarter with cash, equivalents and restricted cash of $191.5 million.

"AST SpaceMobile continues to make history. This quarter we achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia," said Abel Avellan, chairman and CEO of AST SpaceMobile.

"We are now laser-focused on the manufacturing of our BlueBird satellites. The first five satellites are fully funded with a planned launch in first quarter 2024 as we target to offer initial commercial service in 2024."

In a new regulatory filing, AST SpaceMobile said one of its subsidiaries secured a loan credit agreement of up to $100 million. $48.5 million was borrowed upon closing and $51.5 million is available if the company raises additional capital through equity raises.

AST SpaceMobile is building a global cellular broadband network in space to operate directly with standard mobile devices.

See Also: Boeing Puts Starliner On Backburner To Focus On Upcoming NASA Artemis II Moon Mission

ASTS Price Action: AST SpaceMobile shares were up 7.31% at $4.69 at the time of writing, according to Benzinga Pro.

Photo: WikiImages from Pixabay.