AST SpaceMobile Reports Q3 2024 Earnings: Key Highlights and Milestones

AST SpaceMobile, Inc. (NASDAQ: ASTS) released its third-quarter 2024 earnings report, highlighting several significant operational and financial milestones. The company reported an earnings per share (EPS) of ($0.14) for the quarter, which exceeded the consensus estimate of ($0.19) by $0.05.

During the quarter, AST SpaceMobile successfully deployed and initiated operations of its first five BlueBird satellites. Additionally, the company secured orbital launch capacity for up to 60 Block 2 BlueBird satellites scheduled for 2025-2026. This deployment is a crucial step in the company’s mission to provide space-based cellular broadband services.

The company’s revenue for the quarter was $0.90 million, slightly below analyst estimates of $2.00 million. Despite this, AST SpaceMobile maintained a strong financial position with $518.9 million in cash, cash equivalents, and restricted cash as of September 30, 2024. This financial strength was bolstered by the redemption of publicly traded warrants, which generated $153.3 million in net proceeds.

Operating expenses for the third quarter totaled $66.6 million, including $21.4 million in depreciation and stock-based compensation. The company also made significant strides in expanding its ecosystem, securing three new U.S. Government contract awards and progressing in discussions with commercial partners.

Despite the positive earnings report, AST SpaceMobile’s stock price dropped 3.7% during trading on Thursday, November 14, 2024, with the stock trading as low as $26.85. This decline occurred despite positive analyst ratings, including recent price target increases from firms such as Scotiabank, Deutsche Bank, and UBS Group.