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Dec 31, 2023
AST SpaceMobile Q4 2023 Earnings Report
AST SpaceMobile's Q4 2023 results reflected increased operating expenses and ongoing strategic investments.
Key Takeaways
AST SpaceMobile reported a net loss attributable to common stockholders of $31.9 million, or $0.35 per share, for the fourth quarter of 2023. Total operating expenses for the quarter were $60.9 million, including $22.3 million of depreciation and amortization and stock-based compensation expense. The company ended the quarter with $88.1 million in cash, cash equivalents, and restricted cash.
Strategic financing milestone validates AST's technology and business model.
Fixed-firm-price contract with the U.S. Government is expected to generate initial revenue in Q1 2024.
Production of Block 1 BlueBird satellites faced supplier-related delays.
Launch contract secured for the first next-generation Block 2 BlueBird satellite, with launch window from December 2024 to March 2025.
Forward Guidance
AST SpaceMobile is focused on launching its Block 1 BlueBird satellites and the first next-generation Block 2 BlueBird satellite. The company is also working on securing additional strategic partners and advancing non-dilutive quasi-governmental funding sources.
Positive Outlook
- Milestone strategic financing is a vote of confidence in AST’s tech and business model
- Fixed-firm-price contract award announced with the United States Government through a prime contractor, expected to produce initial revenue in Q1 2024
- Necessary funding on-hand to execute near-term strategic plan for the launch of five 700 sq. ft. Block 1 BlueBird satellites and first next generation 2,400 sq. ft. Block 2 BlueBird satellite, which will surpass Block 1 BlueBird satellites as the largest commercial phased array in low Earth orbit
- FCC Approves Framework for the Use of Terrestrial Spectrum for SpaceMobile (Direct-to-Device)
- Progressing Non-Dilutive Quasi-Governmental Funding Sources With Non-Binding Letters of Interest from Three Institutions
Challenges Ahead
- Production of five 700 sq. ft. Block 1 BlueBird satellites was impacted by two suppliers, leading to delays in integration and testing
Historical Earnings Impact
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