AST SpaceMobile Stock Is Up On Q2 Earnings: What Investors Need To Know

AST SpaceMobile Inc ASTS reported second-quarter financial results and provided a business update Wednesday after the bell. Here’s a look at the key highlights from the quarter.

Q2 Earnings: AST SpaceMobile reported second-quarter sales of $900,000. The company reported an adjusted loss of 51 cents per share, missing analyst estimates for a loss of 22 cents per share, according to data from Benzinga Pro.

AST SpaceMobile highlighted a strategic investment by Verizon during the quarter that brings a $100 million financial commitment. The company ended the quarter with $287.6 million in cash, cash equivalents and restricted cash. AST SpaceMobile also had $51.5 million of additional liquidity available to draw under its senior secured credit facility.

“We stand at a pivotal moment for 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,” said Abel Avellan, founder, chairman and CEO of AST SpaceMobile.

“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.”

AST SpaceMobile said its first five commercial satellites are on target for orbital launch in the first half of September. The company expects 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.

Management will hold a conference call at 5 p.m. E.T. to discuss its quarterly results.

ASTS Price Action: AST SpaceMobile shares were up 2.11% after-hours at $21.25 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Courtesy of AST SpaceMobile.

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