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Ast Spacemobile, Inc. (ASTS) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Ast Spacemobile, Inc.

CIK: 1780312 Ticker: ASTS

 

PRESS RELEASE EXHIBIT 99.1

 

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AST SpaceMobile Provides First Quarter 2022 Business Update

 

MIDLAND, TX, May 16, 2022 – 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 is providing its business update for the first quarter ended March 31, 2022.

 

“Today, we are excited to report strong momentum across the business. We continue to advance our industrialization activities, with investments at our Midland facilities and in our supply chain, towards our goal of producing up to 6 Bluebird production satellites per month,” said Abel Avellan, Chairman and CEO of AST SpaceMobile. “We also remain focused on the planned summer launch of our next satellite, BlueWalker 3, having completed more than 700 tests to position the spacecraft and our system for mission success.”

 

Business Highlights

The BlueWalker 3 (“BW3”) satellite is substantially complete having undergone over 700 tests of its capabilities and systems and is targeted to launch in the Summer of 2022 subject to a number of factors, including satisfactory and timely completion of all testing
Received an experimental license from the Federal Communications Commission (FCC) authorizing BlueWalker 3 space-to-ground testing in the United States using 3GPP low-band cellular frequencies and Q/V-band frequencies, subject to certain restrictions
Appointed Sean Wallace as Executive Vice President and Chief Financial Officer, who most recently served as Chief Financial Officer and Treasurer for Cogent Communications, one of the leading internet service providers in the world with operations in 50 countries; Mr. Wallace assumed his new role on May 10, 2022
Entered into a common stock purchase agreement with B. Riley Principal Capital, LLC (“B. Riley”) that provides the right, without obligation, to sell and issue up to $75.0 million of Class A Common Stock over a period of 24 months to B. Riley at AST SpaceMobile’s sole discretion, subject to certain limitations and conditions
Continued progress on clean room environment and facility readiness at the extension production facility (“Site 2”) in Texas for the highly automated assembly and testing line that will support our production target of up to 6 satellites per month

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The following information was filed by Ast Spacemobile, Inc. (ASTS) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ast Spacemobile, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Business Combination
Business Combination (Details Narrative)
Commitments And Contingencies
Debt
Debt (Details Narrative)
Debt (Tables)
Debt - Schedule Of Debt Instruments (Details)
Fair Value Measurement
Fair Value Measurement (Details Narrative)
Fair Value Measurement (Tables)
Fair Value Measurement - Schedule Of Assets Measured At Fair Value On A Recurring Basis (Details)
Goodwill
Goodwill (Tables)
Goodwill - Summary Of Changes In Carrying Amount Of Goodwill (Details)
Income Taxes
Income Taxes (Details Narrative)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details Narrative)
Net Loss Per Share (Tables)
Organization And Nature Of Operations
Organization And Nature Of Operations (Details Narrative)
Property And Equipment
Property And Equipment (Details Narrative)
Property And Equipment (Tables)
Related Parties
Related Parties (Details Narrative)
Revenue
Revenue (Details Narrative)
Revenue (Tables)
Revenue - Schedule Of Change In Contract Liabilities (Details)
Revenue - Schedule Of Disaggregation Of Revenue (Details)
Schedule Of Basic And Diluted Earnings Per Share (Details)
Schedule Of Property And Equipment, Net (Details)
Stock-Based Compensation
Stock-Based Compensation (Details Narrative)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Schedule Of Stock Options Activities (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Schedule Of Unvested Option Activity (Details)
Stock-Based Compensation - Schedule Of Unvested Restricted Stock Units Activity (Details)
Stockholders??? Equity
Stockholders??? Equity (Details Narrative)
Subsequent Events
Subsequent Events (Details Narrative)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Schedule Of Estimated Useful Lives (Details)
Warrant Liabilities
Warrant Liabilities (Details Narrative)
Ticker: ASTS
CIK: 1780312
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-010115
Submitted to the SEC: Mon May 16 2022 4:40:07 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Communications Services

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