AST SpaceMobile to Provide Quarterly Business Update on August 14, 2023 and Provides Preliminary Financial Results for Second Quarter 2023
August 01 2023 - 8:15AM
Business Wire
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 Monday, August 14th at 5:00 p.m. (Eastern Time). The company is
also providing its preliminary estimated financial results for the
second quarter ended June 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.
Second Quarter 2023 Preliminary Estimated Financial
Results
- We ended the second quarter with cash and cash equivalents and
restricted cash of approximately $191.5 million
- We expect our total operating expenses to be between $57.1 and
$59.1 million for the second quarter of 2023, including $19.1 to
$20.1 million of depreciation and amortization and stock-based
compensation expense
- As of June 30, 2023, we have incurred approximately $156.9
million of capitalized property and equipment costs. This includes
costs incurred in assembly, test, launch and deployment of the
BlueWalker 3 (“BW3”) satellite which was ready for its intended use
and started depreciating in April 2023; costs incurred for
development of assembly, integration, and test facilities including
purchases of assembly equipment; and purchases of satellite direct
materials and antennas
Our unaudited condensed consolidated financial statements for
the three and six months ended June 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 six months ended June 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 June
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.
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, 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; (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230801562605/en/
Investor: Scott Wisniewski investors@ast-science.com
Media: Allison+Partners Eva Murphy Ryan 917-547-7289
AstSpaceMobile@allisonpr.com
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