2023-03-31 09:54:40 ET
- AST SpaceMobile ( NASDAQ: ASTS ) has tumbled 20% out of Friday's market open after its fourth-quarter business update showed a wider loss than the prior year -- and investors seemed to show disappointment in a lack of full test results on its BlueWalker satellite approach.
- Attributable net loss widened to $8.23M from a year-ago loss of $3.11M in Q4.
- That came during a quarter with no revenue, down from a year-ago quarterly total of $6.2M, and amid higher expenses (up to $42.6M from a prior-year $31.3M for Q4; full-year expenses rose by $61.3M, to $152.9M).
- AST SpaceMobile suggested it was still on track for launching its satellites.
- “The testing to date for BlueWalker 3 continues to validate the design roadmap for our BlueBird commercial satellites,” CEO/Chairman Abel Avellan said. “As we plan for the commercialization of our service, we are ramping the manufacturing of our Block 1 satellites and making key investments for Block 2 satellites.”
- The company plans to launch five Block 1 BlueBird satellites in the first quarter of 2024, which it intends to provide "initial, noncontinuous space-based cellular broadband services in select markets using low-band frequencies."
- It's secured a launch services agreement for the five satellites on a Falcon 9, and it's in active discussions for subsequent launches for Block 2 BlueBird satellites with various providers.
- The company wrapped the quarter with liquidity of $239.3M.
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AST SpaceMobile slides 20% as investors await detailed satellite tests