2023-05-15 16:27:29 ET
AST SpaceMobile ( NASDAQ: ASTS ) rose 2% after hours Monday following a first-quarter business update where the company focused on its first successful two-way voice call between satellites and everyday smartphones.
That came in April via the BlueWalker 3 test satellite, which the company said validated the ability of its technology to integrate with the existing cellular ecosystem and spectrum.
"This accomplishment validated our technology in orbit, and confirmed we have the ability to connect with everyday smartphones from all major handset manufacturers in a market with over five billion mobile devices in use today," said Chairman/CEO Abel Avellan.
The testing plan has transitioned to demonstrating 4G and 5G download speeds, the company said. There's no major changes to the design of the block 1 satellites after testing, and manufacturing is under way in Texas with a planned launch of five block 1 BlueBird satellites in the first quarter of 2024.
AST SpaceMobile also noted its spectrum lease deal with AT&T, setting up the path to offer commercial service to the carrier's customers in time.
The company wrapped Q1 with liquidity of $185.7M, after total operating expenses rose $1.9M from the previous quarter, to $44.5M.
As of quarter-end, AST SpaceMobile incurred $92.5M in capitalized costs tied to the assembly, testing and deployment of BlueWalker 3, and $66.5M in capitalized property and equipment costs tied to Texas facilities and satellite-related purchases.
The company will hold a conference call at 5 p.m. ET .
For further details see:
AST SpaceMobile rises as update shows satellite phone service on track