AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the
company building the first and only space-based cellular broadband
network accessible directly by standard mobile phones, today
announced it will hold a quarterly business update conference call
on Tuesday, November 14th at 5:00 p.m. (Eastern Time). The company
is also providing its preliminary estimated financial results for
the third quarter ended September 30, 2023.
AST SpaceMobile will be accepting questions from retail and
institutional shareholders and management will answer select
questions relating to AST SpaceMobile’s business and financial
results on the conference call. Investors are encouraged to submit
questions to investors@ast-science.com and will also be added to
our Investor Relations mailing list.
The call will be accessible via a live webcast on the Events
page of AST SpaceMobile’s Investor Relations website at
https://ast-science.com/investors/. An archive of the webcast will
be available shortly after the call.
Third Quarter 2023 Preliminary Estimated Financial
Results
- We ended the third quarter with cash and cash equivalents and
restricted cash of approximately $135.7 million
- We expect our total preliminary Adjusted operating expenses to
be between $36.2 and $38.2 million for the third quarter of
2023(1)
- As of September 30, 2023, we have incurred approximately $224.2
million of capitalized property and equipment costs. This includes
costs incurred for purchase of satellite direct materials and
launch payments for commercial bluebird satellites, costs incurred
for assembly, test, launch and deployment of BlueWalker 3 (“BW3”)
satellite, and costs incurred for development of assembly,
integration, and test facilities including purchases of assembly
equipment and antennas
(1) Adjusted operating expense is a
non-GAAP measure. See reconciliation of Adjusted operating expense
to Total operating expense in the table accompanying this press
release
Our unaudited condensed consolidated financial statements for
the three and nine months ended September 30, 2023 are not yet
available. The preliminary estimated financial results are
management estimates based on currently available information and
subject to completion of financial closing procedures as of and for
the three and nine months ended September 30, 2023. As a result,
our actual results may vary materially from the preliminary
estimated financial results included herein and will not be
publicly available until we file our Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023. These estimates
constitute “forward-looking statements” as described in
“Forward-Looking Statements” below. Our independent registered
public accounting firm, KPMG LLP, has not reviewed, or performed
any procedures with respect to these preliminary estimated
financial results.
Non-GAAP Financial Measure
We refer to preliminary Adjusted operating expense, a non-GAAP
financial measure in this press release. We believe this non-GAAP
financial measure is a useful measure across time in evaluating our
operating performance as we use this measure to manage the
business, including in preparing our annual operating budget and
financial projections. This non-GAAP financial measure that has no
standardized meaning prescribed by U.S. GAAP, and therefore have
limits in its usefulness to investors. Because of the
non-standardized definition, this measure may not be comparable to
the calculation of similar measure of other companies and is
presented solely to provide investors with useful information to
more fully understand how management assesses performance. This
measure is not, and should not be viewed as, a substitute for its
most directly comparable GAAP measures. Reconciliation of non-GAAP
financial measure and the most directly comparable GAAP financial
measure is included in the table accompanying this press
release.
Interim Business Update
- BlueWalker 3 demonstration of the first and only space-based 5G
capabilities and 14 Mbps data rates on a 5MHz spectrum allocation
caps a highly successful testing program that included 2G, 4G and
5G with participation from partners AT&T, Vodafone, Rakuten and
Nokia, validating AST SpaceMobile’s satellite design, patented
technology, and manufacturing strategy
- First five commercial BlueBird satellites expected to be
launched in Q1 2024, with approximately 85% of planned capital
expenditures (including launch costs) incurred as of September 30,
2023
- We expect to enter into commercial agreements with governmental
entities and mobile network operators for the use of our first five
commercial satellites; if successful entering into these
agreements, we expect to generate revenue in 2024
- As we complete certain non-recurring R&D initiatives and
the first five commercial satellites, we expect Adjusted operating
expenses to be between $25 million to $30 million per quarter
beginning from Q1 2024, versus the historical run-rate of
approximately $40 million per quarter
- Fundraising efforts with multiple strategic partners continue
to advance and progress, and are expected to result in securing
capital for the continued buildout of the AST SpaceMobile
constellation. We are seeking to close and fund these transactions
within the fourth quarter of 2023. There can be no assurance that
we will enter into any such transactions on acceptable terms, on
this timing, or at all
About AST SpaceMobile
AST SpaceMobile, Inc. is building the first and only global
cellular broadband network in space to operate directly with
standard, unmodified mobile devices based on our extensive IP and
patent portfolio. Our engineers and space scientists are on a
mission to eliminate the connectivity gaps faced by today's five
billion mobile subscribers and finally bring broadband to the
billions who remain unconnected. For more information, follow AST
SpaceMobile on YouTube, X (formerly Twitter), LinkedIn and
Facebook. Watch this video for an overview of the SpaceMobile
mission.
Forward-Looking Statements
This communication contains “forward-looking statements” that
are not historical facts, and involve risks and uncertainties that
could cause actual results of AST SpaceMobile to differ materially
from those expected and projected. These forward-looking statements
can be identified by the use of forward-looking terminology,
including the words “believes,” “estimates,” “anticipates,”
“expects,” “intends,” “plans,” “may,” “will,” “would,” “potential,”
“projects,” “predicts,” “continue,” or “should,” or, in each case,
their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside AST SpaceMobile’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (i) expectations regarding AST SpaceMobile’s strategies
and future financial performance, including AST’s future business
plans or objectives, expected functionality of the SpaceMobile
Service, anticipated timing and results of the BW3 satellite tests,
anticipated timing and level of deployment of satellites,
anticipated demand and acceptance of mobile satellite services,
prospective performance and commercial opportunities and
competitors, the timing of obtaining regulatory approvals, ability
to finance its research and development activities, commercial
partnership acquisition and retention, products and services,
pricing, marketing plans, operating expenses, market trends,
revenues, liquidity, cash flows and uses of cash, capital
expenditures, and AST’s ability to invest in growth initiatives;
(ii) the negotiation of definitive agreements with mobile network
operators relating to the SpaceMobile service that would supersede
preliminary agreements and memoranda of understanding and the
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 SEC,
including those in the Risk Factors section of AST SpaceMobile’s
Form 10-K filed with the SEC on March 31, 2023.
The ongoing testing of the BW3 satellite may not be completed
due to a variety of factors, which could include loss of satellite
connectivity, destruction of the satellite, or other communication
failures, and even if completed, the BW3 testing may indicate
adjustments that are needed or modifications that must be made, any
of which could result in additional costs, which could be material,
and delays in commercializing our service. If there are delays or
issues with additional testing, it may become more costly to raise
capital, if we are able to do so at all.
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 incorporated by reference into AST SpaceMobile’s Form
10-K filed with the SEC on March 31, 2023. 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.
AST SPACEMOBILE, INC.
RECONCILIATION OF GAAP
REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED)
(Dollars in thousands)
For the Three Months Ended
September 30, 2023
Low
High
Preliminary total operating expenses
$
57,280
$
60,280
Less: Stock-based compensation,
depreciation and amortization
(21,119
)
(22,119
)
Preliminary Adjusted operating
expenses
$
36,161
$
38,161
Preliminary Adjusted operating expenses is an alternative
financial measure used by management to evaluate our operating
performance as a supplement to our most directly comparable U.S.
GAAP financial measure. We define Adjusted operating expense as
Total operating expenses adjusted to exclude amounts of stock-based
compensation expense and depreciation and amortization expense.
We believe Adjusted operating expenses is a useful measure
across time in evaluating our operating performance as we use this
measure to manage the business, including in preparing our annual
operating budget and financial projections. Adjusted operating
expenses is a non-GAAP financial measure that has no standardized
meaning prescribed by U.S. GAAP, and therefore has limits in its
usefulness to investors. Because of the non-standardized
definitions, this measure may not be comparable to the calculation
of similar measure of other companies and is presented solely to
provide investors with useful information to more fully understand
how management assesses performance. This measure is not, and
should not be viewed as, a substitute for its most directly
comparable GAAP measure of preliminary Total operating
expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025776341/en/
Investors: Scott Wisniewski investors@ast-science.com
Media Contact: Allison Eva Murphy Ryan 917-547-7289
AstSpaceMobile@allisonpr.com
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