Shares of AST SpaceMobile Inc. fell about 10% in premarket trading on Friday after the space-based broadband company's third-quarter loss widened.
For the three months ending Sept. 30, AST SpaceMobile reported a net loss of $171.95 million, or $1.10 a share, compared with a net loss of $20.91 million, or 23 cents a share, a year prior. Analysts surveyed by FactSet were looking for a loss of 20 cents a share.
AST SpaceMobile reported revenue of $1.1 million, versus zero revenue in the same period last year. Analysts surveyed by FactSet were looking for sales of $1.8 million.
The company ended the quarter with $518.9 million in cash, cash equivalents and restricted cash.
In a separate announcement Thursday, AST SpaceMobile announced launch-services agreements to provide space-based cellular broadband service coverage for key markets such as the United States, Europe, Japan, and the U.S. government. The launch campaign from Cape Canaveral Space Force Station is scheduled for 2025 and 2026, the company added.
In September, AST SpaceMobile launched its first five commercial satellites into space atop a SpaceX Falcon 9 rocket. "With the first five BlueBird satellites successfully unfolded and entering initial operations, our business is progressing according to plan," CEO Abel Avellan said in a statement Thursday.
The satellites each feature the largest-ever commercial communications arrays to be deployed in low Earth orbit, according to the company.
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