AST SpaceMobile reports Q2 results, Sky's the limit? MIDLAND, Texas--(BUSINESS WIRE)--AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today provided its business update for the second quarter of 2021.
“Since our public market debut on April 7th, we have made significant industrial, commercial and organizational progress towards delivering the SpaceMobile network.” said @AbelAvellan, Chairman and CEO of AST SpaceMobile.
“Since our public market debut on April 7th, we have made significant industrial, commercial and organizational progress towards delivering the SpaceMobile network,” said Abel Avellan, Chairman and CEO of AST SpaceMobile. “The launch of our next prototype spacecraft, BlueWalker 3, is expected in March 2022. We are also working day and night as we make progress in finalizing the design of our next-generation production spacecraft, BlueBird 1, with investments in our Midland, Texas facilities and global supplier development.”
Abel added, “Today, we are also happy to announce that we are finalizing a Memorandum of Understanding with MTN Group to begin negotiations regarding testing alongside BlueWalker 3 for an initial two countries. We have entered into agreements and understandings with mobile network operators which collectively cover approximately 1.5 billion mobile subscribers.”
Business Highlights
- Confirmed the BlueWalker 3 launch timing with SpaceX from Cape Canaveral during a window beginning March 2022
- Continued investments in the buildout of our Midland, Texas facilities and global supplier development
- Signed Memoranda of Understanding (“MOUs”) with Smart Communications, Africell, MUNI, UT Mobile, LIBTELCO and others
- Increased to approximately 1.5 billion the number of subscribers represented by mobile network operators who have agreements and understandings with AST SpaceMobile as of August 16, 2021, compared to 1.3 billion at March 31, 2021
- Regulatory approval received in 6 countries to date, which countries have a population of over 360 million
- Growth of 62 employees across all offices in the second quarter of 2021, now with a team of 454, including 261 full-time employees, 49 full-time contractors and 144 employees of 3rd party engineering service providers working on AST SpaceMobile
- Opened our UK Office at Space Park Leicester, which will house business development, engineering and regulatory functions
Second Quarter 2021 Financial Highlights
- Ended the second quarter with cash and cash equivalents of $402.6 million and no financial debt as of June 30, 2021
- Total operating expenses of $25.1 million for the second quarter of 2021, compared to $12.1 million in the first quarter of 2021, primarily due to an increase in research and development costs of $8.7 million
- Incurred $51.7 million of capitalized costs, including non-recurring engineering relating to the BlueWalker 3 test satellite, as of August 16, 2021
- Incurred $15.7 million of total investments in property and equipment, net of accumulated depreciation, as of June 30, 2021