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AST SpaceMobile Inc (NASDAQ:ASTS) shares are surging Thursday on the heels of the company’s second-quarter financial results. The company announced that it’s on track to launch five satellites in early September.
What Happened: AST SpaceMobile reported a second-quarter adjusted loss of 51 cents per share, missing analyst estimates for a loss of 22 cents per share, according to data from Benzinga Pro. The company turned in second-quarter sales of $900,000.
"We stand at a pivotal moment for AST SpaceMobile. The arrival of our first five commercial satellites at the launch site marks the culmination of years of relentless innovation and perseverance, in partnership with industry leaders like AT&T, Google, Verizon, Vodafone and Rakuten, among others," said Abel Avellan, founder, chairman and CEO of AST SpaceMobile.
"The upcoming orbital launch is a significant step toward fulfilling our mission to eliminate dead zones and empower communities worldwide with space-based cellular broadband connectivity."
AST SpaceMobile announced that its first five commercial satellites, called BlueBirds, are on target for orbital launch in the first half of September. The company expects initial nationwide, non-continuous service to be available with AT&T and Verizon beta test users following in-orbit service activation over the coming months.
The BlueBird satellites feature the largest-ever commercial communications arrays to be deployed in low Earth orbit. The upcoming launch marks a big leap forward in AST SpaceMobile’s mission to deliver seamless cellular broadband connectivity to billions of mobile users worldwide.
AST SpaceMobile ended the quarter with $287.6 million in cash, cash equivalents and restricted cash. The company also had $51.5 million of additional liquidity available to draw under its senior secured credit facility.
Following the print, B. Riley Securities analyst Mike Crawford maintained AST SpaceMobile with a Buy rating and raised the price target from $15 to $26. UBS also maintained a Buy rating and raised its price target from $13 to $30.
ASTS Price Action: AST SpaceMobile shares were up 32.8% at $27.64 at the time of publication, according to Benzinga Pro.
Photo: Arek Socha from Pixabay.
Posted In: ASTS
