ability to enter into commercial agreements with other parties or government entities; (iii) the ability of AST SpaceMobile to grow and manage growth profitably and retain its key employees and AST SpaceMobile's responses to actions of its competitors and its ability to effectively compete; (iv) changes in applicable laws or regulations; (v) the possibility that AST SpaceMobile may be adversely affected by other economic, business, and/or competitive factors; (vi) the outcome of any legal proceedings that may be instituted against AST SpaceMobile; and (vii) other risks and uncertainties indicated in the Company's filings with the Securities and Exchange Commission $(SEC.UK)$, including those in the Risk Factors section of AST SpaceMobile's Form 10-K filed with the SEC on April 1, 2024.
AST SpaceMobile cautions that the foregoing list of factors is not exclusive. AST SpaceMobile cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors in AST SpaceMobile's Form 10-K filed with the SEC on April 1, 2024. AST SpaceMobile's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, AST SpaceMobile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Third Quarter Financial Results
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands, except share data)
As of
------------------------------------------
September 30, 2024 December 31, 2023
-------------------- -------------------
ASSETS
------------------------
Current assets:
------------------------
Cash and cash
equivalents $ 516,389 $ 85,622
Restricted cash 2,497 2,475
Prepaid expenses 7,073 4,591
Other current assets 19,662 14,194
---------------- ---------------
Total current
assets 545,621 106,882
Non-current assets:
------------------------
Property and
equipment, net 260,068 238,478
Operating lease
right-of-use assets,
net 12,088 13,221
Other non-current
assets 3,872 2,311
---------------- ---------------
TOTAL ASSETS $ 821,649 $ 360,892
================ ===============
LIABILITIES AND
STOCKHOLDERS' EQUITY
------------------------
Current liabilities:
------------------------
Accounts payable $ 8,962 $ 20,575
Accrued expenses and
other current
liabilities 16,480 23,926
Contract liabilities 22,468 -
Current operating
lease liabilities 1,534 1,468
Current portion of
long-term debt 44,635 252
---------------- ---------------
Total current
liabilities 94,079 46,221
Non-current
liabilities:
------------------------
Warrant liabilities 57,460 29,960
Non-current operating
lease liabilities 11,057 11,900
Long-term debt, net 156,252 59,252
---------------- ---------------
Total liabilities 318,848 147,333
Commitments and
contingencies
Stockholders' Equity:
------------------------
Class A Common Stock,
$.0001 par value;
800,000,000 shares
authorized;
170,039,305 and
90,161,309 shares
issued and
outstanding as of
September 30, 2024
and December 31,
2023, respectively. 17 9
Class B Common Stock,
$.0001 par value;
200,000,000 shares
authorized;
39,747,447 and
50,041,757 shares
issued and
outstanding as of
September 30, 2024
and December 31,
2023, respectively. 4 5
Class C Common Stock,
$.0001 par value;
125,000,000 shares
authorized;
78,163,078 shares
issued and
outstanding as of
September 30, 2024
and December 31,
2023, respectively. 8 8
Additional paid-in
capital 762,426 288,404
Accumulated other
comprehensive income 353 227
Accumulated deficit (453,888) (189,662)
Noncontrolling
interest 193,881 114,568
---------------- ---------------
Total stockholders'
equity 502,801 213,559
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $ 821,649 $ 360,892
================ ===============
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands, except share and per share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------------- --------------------------
2024 2023 2024 2023
------------ ----------- ------------ -----------
Revenues $ 1,100 $ - $ 2,500 $ -
Operating
expenses:
------------------
Engineering
services costs 21,828 19,523 62,546 58,818
General and
administrative
costs 15,551 10,995 45,677 31,073
Research and
development
costs 14,724 9,418 23,435 36,721
Depreciation and
amortization 14,543 19,029 54,880 34,877
----------- ---------- ----------- ----------
Total
operating
expenses 66,646 58,965 186,538 161,489
Other income
(expense):
------------------
(Loss) gain on
remeasurement
of warrant
liabilities (236,912) 7,481 (284,839) 21,454
Interest
(expense)
income, net (1,386) 495 (5,846) 4,311
Other income
(expense), net 1,410 507 1,661 (10,237)
----------- ---------- ----------- ----------
Total other
income
(expense),
net (236,888) 8,483 (289,024) 15,528
Loss before income
tax (expense)
benefit (302,434) (50,482) (473,062) (145,961)
Income tax
(expense)
benefit (646) (266) (1,172) 408
----------- ---------- ----------- ----------
Net loss before
allocation to
noncontrolling
interest (303,080) (50,748) (474,234) (145,553)
Net loss
attributable to
noncontrolling
interest (131,134) (29,839) (210,008) (89,918)
----------- ---------- ----------- ----------
Net loss
attributable to
common
stockholders $ (171,946) $ (20,909) $ (264,226) $ (55,635)
=========== ========== =========== ==========
Net loss per share
attributable to
holders of Class A
Common Stock
Basic and
diluted $ (1.10) $ (0.23) $ (1.89) $ (0.70)
Weighted-average
shares of Class A
Common Stock
outstanding
Basic and
diluted 155,644,888 89,514,621 139,485,036 79,065,471
AST SPACEMOBILE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
(Dollars in thousands)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------- ---------------------
2024 2023 2024 2023
--------- -------- --------- ---------
Net loss before
allocation to
noncontrolling
interest $(303,080) $(50,748) $(474,234) $(145,553)
Other
comprehensive
loss
Foreign currency
translation
adjustments 529 (358) 190 (526)
-------- ------- -------- --------
Total other
comprehensive
loss 529 (358) 190 (526)
-------- ------- -------- --------
Total comprehensive
loss before
allocation to
noncontrolling
(MORE TO FOLLOW) Dow Jones Newswires
November 14, 2024 16:20 ET (21:20 GMT)
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