AST SpaceMobile has announced business updates and second-quarter results ending on June 30. The Midland-based company utilizes advanced machinery in its mission to connect the unconnected with space-based cellular coverage.
According to a news release, AST is planning to launch its first five commercial satellites from Cape Canaveral in September. The company has also secured Verizon as an investor, which has made a $100 million financial commitment. Additionally, AST has expanded contracts with the federal government, including initial in-orbit testing and early-stage contract awards with one of their chief contractors.
"We stand at a pivotal moment for AST SpaceMobile," said Abel Avellan, Founder, Chairman, and CEO of 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. 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."
On the financial side, the company reported having cash equivalents of $287.6 million with $51.5 million in gross proceeds available under the Senior Secured Credit Facility. According to the news release, second-quarter operating expenses totaled $63.9 million, an increase of $7.9 million from the first quarter. AST has also incurred approximately $347.5 million in gross capitalized property and equipment costs and accumulated depreciation and amortization of $99.3 million. These include materials for BlueBird satellites, securing launch payments, ground antennas, and assembly and test equipment.