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Mar 31, 2023
AST SpaceMobile Q1 2023 Earnings Report
Reported first-ever direct voice connection from BlueWalker 3 test satellite to everyday cellular devices, validating technology and ability to connect with smartphones.
Key Takeaways
AST SpaceMobile achieved a significant milestone by completing the first-ever direct voice connection from its BlueWalker 3 test satellite to everyday cellular devices. Manufacturing is underway in Midland, Texas, with the planned launch of five Block 1 BlueBird satellites in Q1 2024. The company ended the quarter with $185.7 million in cash, cash equivalents, and restricted cash.
Completed successful two-way voice calls from space directly to everyday unmodified smartphones using the BlueWalker 3 test satellite.
Key milestone in the BW3 testing program validates the satellite technology, including the ability to work with everyday smartphones and ability to integrate with the existing cellular ecosystem, including spectrum.
Testing plan has transitioned to demonstration of 4G and 5G download speeds.
Manufacturing underway in Midland, Texas, with production on track for planned launch of five Block 1 BlueBird satellites in Q1 2024.
Forward Guidance
AST SpaceMobile is focused on manufacturing and launching Block 1 BlueBird satellites in Q1 2024 and offering commercial service to AT&T customers in the U.S., contingent upon regulatory approval and execution of a definitive commercial agreement.
Positive Outlook
- Completing the first-ever direct voice connection from our BlueWalker 3 test satellite in space to everyday cellular devices
- Validated technology in orbit
- Confirmed ability to connect with everyday smartphones from all major handset manufacturers
- Manufacturing underway in Midland, Texas, with production on track for planned launch of five Block 1 BlueBird satellites in Q1 2024
- Signed spectrum lease agreement with AT&T
Challenges Ahead
- Total operating expenses increased by $1.9 million to $44.5 million for the first quarter of 2023
- Incurred approximately $66.5 million of capitalized property and equipment costs related to development of assembly, integration, and test facilities in Texas
Historical Earnings Impact
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