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    AST SpaceMobile Provides Business Update and Second Quarter 2025 Results

    8/11/25 4:15:00 PM ET
    $ASTS
    Telecommunications Equipment
    Consumer Discretionary
    Get the next $ASTS alert in real time by email

    AST SpaceMobile, Inc. ("AST SpaceMobile") (NASDAQ:ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, and designed for both commercial and government applications, is providing its business update and results for the second quarter ended June 30, 2025.

    "We are confirming our fully-funded plan to deploy 45 to 60 satellites into orbit by 2026 to support continuous service in the US, Europe, Japan, and other strategic markets, including the U.S. Government. We also have planned orbital launches every one to two months on average during 2025 and 2026," commented Abel Avellan, Founder, Chairman and CEO of AST SpaceMobile. "In orbit today, we have six satellites, five fully operational and one test satellite, for both commercial and government applications. We have completed the assembly of microns for phased arrays of eight Block 2 BlueBird satellites, and we are on target to complete 40 satellites equivalent of microns by early 2026 to support full voice, data, and video space-based cellular broadband services."

    Abel added, "Following our recent announcement on L/S-Band spectrum access, we now have a path for premium spectrum on a global basis, which is uniquely valuable with our innovative technology backed by over 3,700 patent and patent pending claims to support up to 120 Mbps peak data rates per cell globally."

    Business Update

    • Preparing to deploy nationwide intermittent service in the United States by the end of 2025, followed by the United Kingdom, Japan, and Canada in Q1 2026
      • Continued expectations for revenue of $50.0 million to $75.0 million in the second half 2025, from government and commercial customers
    • Completed assembly of microns for phased arrays of eight Block 2 BlueBird satellites and expect to complete assembly of 40 satellites equivalent of microns by early 2026
      • Anticipating at least five orbital launches by end of Q1 2026, with orbital launches every one to two months on average to reach goal of 45 to 60 satellites launched during 2025 and 2026
      • FM1 is expected to be ready to ship in August 2025 with a mutually determined launch date thereafter, becoming AST SpaceMobile's seventh satellite in orbit
      • Company manufacturing footprint with 95% vertical integration to grow to over 400,000 square feet by end of 2025 across Texas, Europe and other locations globally, supported by a global workforce of over 1,200 people
    • Expanded spectrum strategy with agreement to acquire 60 MHz of global S-Band spectrum priority rights, augmenting existing 3GPP cellular spectrum strategy and strengthening position within wireless ecosystem
      • S-Band spectrum access positions AST SpaceMobile to further grow subscriber capacity and bring additional services to targeted markets around the world
      • Received Court approval for L-Band definitive documentation, providing AST SpaceMobile long-term access to up to 45 MHz of L-Band, premium lower mid-band spectrum, in the U.S. and Canada, subject to regulatory approvals
      • Both S-Band and L-Band spectrum strategies further enable a true broadband experience directly from space to everyday smartphones, with up to 120 Mbps peak data speeds
    • Advanced commercialization efforts with expansion of partnerships, derived from agreements with more than 50 mobile network operators globally, which have nearly 3.0 billion existing subscribers, while receiving additional U.S. Government contract awards
      • Vi partnership seeks to expand space-based mobile connectivity and solutions for consumer, enterprise, and IoT sectors in India, one of the world's largest telecom markets
      • SatCo, the AST SpaceMobile and Vodafone jointly-owned European distribution entity, received expressions of interest from network operators in 21 of 27 EU member states for a sovereign direct-to-device mobile broadband satellite service
      • Demonstrated first tactical non-terrestrial network (NTN) connectivity over standard mobile devices, with participation from multiple branches of U.S. armed forces under previously announced contract with the Defense Innovation Unit (DIU)
      • Signed two additional early-stage contracts for the U.S. Government end customer, bringing the total to eight contracts to date with the U.S. Government as an end customer
    • Over $1.5 billion in balance sheet cash, cash equivalents, and restricted cash (as of June 30, 2025), pro forma for convertible notes offering and sales under the now terminated ATM facility
      • Raised $575.0 million of gross proceeds from new 7-year convertible senior notes offering, with a 2.375% coupon and effective conversion price of $120.12 per share of Class A common stock
      • Managed long-term capital structure with two repurchase transactions of the 4.25% convertible senior notes issued in January 2025, reducing that debt level to $100.0 million
      • Secured $100.0 million equipment financing, to support growth from non-dilutive financial capital using equipment as collateral, with $25.0 million initially drawn
      • Secured non-recourse, delayed draw term loan to fund $550 million of spectrum payments due upon FCC approval for long-term access to up to 45 MHz of L-Band spectrum
      • Progressing through diligence and documentation phase for quasi-governmental funding with Export-Import Bank of the United States (EXIM) and International Finance Corporation (IFC)

    Second Quarter 2025 Financial Highlights

    • As of June 30, 2025, we had cash, cash equivalents, and restricted cash of $939.4 million.
    • Total operating expenses for the second quarter of 2025 were $74.0 million, including $22.2 million of depreciation and amortization and stock-based compensation expense. This represents an increase of $10.3 million as compared to $63.7 million in the first quarter of 2025 due to a $8.9 million increase in general and administrative costs, a $1.4 million increase in engineering services costs, and a $0.8 million increase in depreciation and amortization expense, partially offset by a $0.8 million decrease in research and development costs
    • Adjusted operating expenses(1) for the second quarter of 2025 were $51.7 million, an increase of $6.8 million as compared to $44.9 million in the first quarter of 2025, due to a $5.5 million increase in Adjusted general and administrative costs(1) and a $2.1 million increase in Adjusted engineering services costs(1), partially offset by a decrease of $0.8 million in research and development costs
    • As of June 30, 2025, we had incurred approximately $906.9 million of gross capitalized property and equipment costs and accumulated depreciation and amortization of $145.3 million. The capitalized costs include costs of satellite materials for BlueBird satellites, advance launch payments, capital advances, Block 1 and BlueWalker 3 satellites, assembly and integration facilities including assembly and test equipment, and ground antennas

    (1) See reconciliation of Adjusted operating expenses to Total operating expenses, Adjusted engineering services costs to Engineering services costs and Adjusted general and administrative costs to General and administrative costs in the tables accompanying this press release.

    Non-GAAP Financial Measures

    We refer to certain non-GAAP financial measures in this press release, including Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs. We believe these non-GAAP financial measures are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measures. Reconciliation of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

    Conference Call Information

    AST SpaceMobile will hold a quarterly business update conference call at 5:00 p.m. (Eastern Time) on Monday, August 11, 2025. 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.

    About AST SpaceMobile

    AST SpaceMobile 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, and designed for both commercial and government applications. 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 could 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 of the launch of the Block 2 BlueBird 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 SpaceMobile'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 Securities and Exchange Commission (SEC), including those in the Risk Factors section of AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025.

    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 in AST SpaceMobile's Form 10-K filed with the SEC on March 3, 2025 and Form 10-Q filed with the SEC on May 12, 2025. 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.

    Second Quarter 2025 Financial Results

    AST SPACEMOBILE, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    (Dollars in thousands, except share data)

     

     

     

    As of

     

     

     

    June 30, 2025

     

     

    December 31, 2024

     

     

     

     

     

     

     

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    923,647

     

     

    $

    564,988

     

    Restricted cash

     

     

    15,753

     

     

     

    2,546

     

    Prepaid expenses

     

     

    10,233

     

     

     

    7,887

     

    Other current assets

     

     

    23,591

     

     

     

    24,825

     

    Total current assets

     

     

    973,224

     

     

     

    600,246

     

     

     

     

     

     

     

     

    Non-current assets:

     

     

     

     

     

     

    Property and equipment, net

     

     

    761,606

     

     

     

    337,669

     

    Operating lease right-of-use assets, net

     

     

    15,037

     

     

     

    14,014

     

    Other non-current assets

     

     

    131,495

     

     

     

    2,632

     

    TOTAL ASSETS

     

    $

    1,881,362

     

     

    $

    954,561

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    22,703

     

     

    $

    17,004

     

    Accrued expenses and other current liabilities

     

     

    42,735

     

     

     

    12,195

     

    Contract liabilities

     

     

    43,054

     

     

     

    41,968

     

    Current operating lease liabilities

     

     

    2,208

     

     

     

    1,856

     

    Current portion of long-term debt

     

     

    7,616

     

     

     

    2,919

     

    Total current liabilities

     

     

    118,316

     

     

     

    75,942

     

     

     

     

     

     

     

     

    Non-current liabilities:

     

     

     

     

     

     

    Warrant liabilities

     

     

    109,485

     

     

     

    41,248

     

    Non-current operating lease liabilities

     

     

    13,277

     

     

     

    12,652

     

    Long-term debt, net

     

     

    482,534

     

     

     

    155,573

     

    Total liabilities

     

     

    723,612

     

     

     

    285,415

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' Equity:

     

     

     

     

     

     

    Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 250,511,819 and 208,173,198 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

     

     

    24

     

     

     

    20

     

    Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 11,227,292 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

     

     

    4

     

     

     

    4

     

    Class C Common Stock, $.0001 par value; 125,000,000 shares authorized; 78,163,078 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

     

     

    8

     

     

     

    8

     

    Additional paid-in capital

     

     

    1,501,070

     

     

     

    969,004

     

    Accumulated other comprehensive income (loss)

     

     

    1,108

     

     

     

    (176

    )

    Accumulated deficit

     

     

    (634,845

    )

     

     

    (489,745

    )

    Noncontrolling interest

     

     

    290,381

     

     

     

    190,031

     

    Total stockholders' equity

     

     

    1,157,750

     

     

     

    669,146

     

     

     

     

     

     

     

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

     

    $

    1,881,362

     

     

    $

    954,561

     

    AST SPACEMOBILE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

    (Dollars in thousands, except share and per share data)

     

     

     

    For The Three Months

    Ended June 30,

     

     

    For The Six Months

    Ended June 30,

     

     

     

    2025

     

     

    2024

     

     

    2025

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenues

     

    $

    1,156

     

     

    $

    900

     

     

    $

    1,874

     

     

    $

    1,400

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Engineering services costs

     

     

    28,598

     

     

     

    21,202

     

     

     

    55,802

     

     

     

    40,719

     

    General and administrative costs

     

     

    27,242

     

     

     

    17,839

     

     

     

    45,626

     

     

     

    30,126

     

    Research and development costs

     

     

    6,393

     

     

     

    4,460

     

     

     

    13,528

     

     

     

    8,711

     

    Depreciation and amortization

     

     

    11,720

     

     

     

    20,392

     

     

     

    22,678

     

     

     

    40,336

     

    Total operating expenses

     

     

    73,953

     

     

     

    63,893

     

     

     

    137,634

     

     

     

    119,892

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

    Loss on remeasurement of warrant liabilities

     

     

    (65,032

    )

     

     

    (66,140

    )

     

     

    (68,238

    )

     

     

    (47,926

    )

    Interest expense

     

     

    (5,657

    )

     

     

    (4,936

    )

     

     

    (10,393

    )

     

     

    (9,332

    )

    Interest income

     

     

    8,017

     

     

     

    2,698

     

     

     

    16,213

     

     

     

    4,872

     

    Other income (expense), net

     

     

    308

     

     

     

    252

     

     

     

    (443

    )

     

     

    250

     

    Total other income (expense), net

     

     

    (62,364

    )

     

     

    (68,126

    )

     

     

    (62,861

    )

     

     

    (52,136

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss before income tax expense

     

     

    (135,161

    )

     

     

    (131,119

    )

     

     

    (198,621

    )

     

     

    (170,628

    )

    Income tax expense

     

     

    (742

    )

     

     

    (231

    )

     

     

    (910

    )

     

     

    (526

    )

    Net loss before allocation to noncontrolling interest

     

     

    (135,903

    )

     

     

    (131,350

    )

     

     

    (199,531

    )

     

     

    (171,154

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss attributable to noncontrolling interest

     

     

    (36,509

    )

     

     

    (58,800

    )

     

     

    (54,431

    )

     

     

    (78,874

    )

    Net loss attributable to common stockholders

     

    $

    (99,394

    )

     

    $

    (72,550

    )

     

    $

    (145,100

    )

     

    $

    (92,280

    )

    Net loss per share attributable to holders of Class A Common Stock

     

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

    $

    (0.41

    )

     

    $

    (0.51

    )

     

    $

    (0.62

    )

     

    $

    (0.70

    )

    Weighted-average number of shares

     

     

     

     

     

     

     

     

     

     

     

     

    Basic and diluted

     

     

    241,985,507

     

     

     

    141,185,500

     

     

     

    233,101,209

     

     

     

    131,316,319

     

    AST SPACEMOBILE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

    (Dollars in thousands)

     

     

     

    For The Three Months

    Ended June 30,

     

     

    For The Six Months

    Ended June 30,

     

     

     

    2025

     

     

    2024

     

     

    2025

     

     

    2024

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss before allocation to noncontrolling interest

     

    $

    (135,903

    )

     

    $

    (131,350

    )

     

    $

    (199,531

    )

     

    $

    (171,154

    )

    Other comprehensive loss

     

     

     

     

     

     

     

     

     

     

     

     

    Foreign currency translation adjustments

     

     

    1,396

     

     

     

    (123

    )

     

     

    1,777

     

     

     

    (339

    )

    Total other comprehensive income (loss)

     

     

    1,396

     

     

     

    (123

    )

     

     

    1,777

     

     

     

    (339

    )

    Total comprehensive loss before allocation to noncontrolling interest

     

     

    (134,507

    )

     

     

    (131,473

    )

     

     

    (197,754

    )

     

     

    (171,493

    )

    Comprehensive loss attributable to noncontrolling interest

     

     

    (36,123

    )

     

     

    (58,854

    )

     

     

    (53,938

    )

     

     

    (79,038

    )

    Comprehensive loss attributable to common stockholders

     

    $

    (98,384

    )

     

    $

    (72,619

    )

     

    $

    (143,816

    )

     

    $

    (92,455

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    AST SPACEMOBILE, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

    (Dollars in thousands)

     

     

     

     

    For The Six Months

    Ended June 30,

     

     

     

     

    2025

     

     

    2024

     

     

     

     

     

     

     

     

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net loss before allocation to noncontrolling interest

     

     

    $

    (199,531

    )

     

    $

    (171,154

    )

    Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

     

    22,678

     

     

     

    40,336

     

    Amortization of debt issuance costs

     

     

     

    721

     

     

     

    1,901

     

    Loss on disposal of property and equipment

     

     

     

    -

     

     

     

    2,221

     

    Loss on remeasurement of warrant liabilities

     

     

     

    68,238

     

     

     

    47,926

     

    Stock-based compensation

     

     

     

    18,351

     

     

     

    13,807

     

    Paid-in-kind ("PIK") interest expense

     

     

     

    497

     

     

     

    2,959

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Prepaid expenses and other current assets

     

     

     

    (1,982

    )

     

     

    (10,128

    )

    Accounts payable and accrued expenses

     

     

     

    20,675

     

     

     

    (14,873

    )

    Operating lease right-of-use assets and operating lease liabilities

     

     

     

    (59

    )

     

     

    (21

    )

    Contract liabilities

     

     

     

    1,086

     

     

     

    21,780

     

    Other assets and liabilities

     

     

     

    (2,698

    )

     

     

    972

     

    Net cash used in operating activities

     

     

     

    (72,024

    )

     

     

    (64,274

    )

     

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Purchase of property and equipment

     

     

     

    (430,622

    )

     

     

    (61,770

    )

    Net cash used in investing activities

     

     

     

    (430,622

    )

     

     

    (61,770

    )

     

     

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Proceeds from debt

     

     

     

    473,498

     

     

     

    145,000

     

    Repayments of debt

     

     

     

    (926

    )

     

     

    (124

    )

    Payment for debt issuance costs

     

     

     

    (6,516

    )

     

     

    (5,162

    )

    Proceeds from issuance of common stock

     

     

     

    462,776

     

     

     

    189,921

     

    Payments for third party equity issuance costs

     

     

     

    (9,843

    )

     

     

    (2,757

    )

    Issuance of equity under employee stock plan

     

     

     

    7,193

     

     

     

    105

     

    Employee taxes paid for stock-based compensation awards

     

     

     

    (6,027

    )

     

     

    (1,240

    )

    Purchase of capped call transactions

     

     

     

    (44,528

    )

     

     

    -

     

    Net cash provided by financing activities

     

     

     

    875,627

     

     

     

    325,743

     

     

     

     

     

     

     

     

     

    Effect of exchange rate changes on cash, cash equivalents and restricted cash

     

     

     

    (1,115

    )

     

     

    (229

    )

     

     

     

     

     

     

     

     

    Net increase in cash, cash equivalents and restricted cash

     

     

     

    371,866

     

     

     

    199,470

     

    Cash, cash equivalents and restricted cash, beginning of period

     

     

     

    567,534

     

     

     

    88,097

     

    Cash, cash equivalents and restricted cash, end of period

     

     

    $

    939,400

     

     

    $

    287,567

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

     

     

    Non-cash activities:

     

     

     

     

     

     

     

    Right-of-use assets obtained in exchange for operating lease liabilities

     

     

    $

    1,505

     

     

    $

    -

     

    Non-cash investing and financing activities:

     

     

     

     

     

     

     

    Purchases of property and equipment in accounts payable and accrued expenses

     

     

    $

    22,155

     

     

    $

    8,073

     

    PIK interest paid through issuance of PIK notes

     

     

     

    497

     

     

     

    2,959

     

    Deferred asset acquisition costs paid by issuance of penny warrants

     

     

     

    121,156

     

     

     

    -

     

    2034 Convertible Notes settled by issuance of Class A Common Stock

     

     

     

    139,620

     

     

     

    -

     

    Cash paid for:

     

     

     

     

     

     

     

    Interest

     

     

    $

    813

     

     

    $

    4,422

     

    Income taxes, net

     

     

     

    1,323

     

     

     

    902

     

    AST SPACEMOBILE, INC.

    RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED MEASURES (UNAUDITED)

    (Dollars in thousands)

     

     

     

    For the Three Months Ended June 30, 2025

     

     

     

    GAAP Reported

     

     

    Stock-Based Compensation Expense

     

     

    Adjusted

     

    Engineering services costs

     

    $

    28,598

     

     

    $

    (3,341

    )

     

    $

    25,257

     

    General and administrative costs

     

     

    27,242

     

     

     

    (7,184

    )

     

     

    20,058

     

    Research and development costs

     

     

    6,393

     

     

     

     

     

     

    6,393

     

    Depreciation and amortization

     

     

    11,720

     

     

     

     

     

     

    11,720

     

    Total operating expenses

     

    $

    73,953

     

     

    $

    (10,525

    )

     

    $

    63,428

     

    Less: Depreciation and amortization

     

     

     

     

     

     

     

     

    (11,720

    )

    Adjusted operating expenses

     

     

     

     

     

     

     

    $

    51,708

     

     

     

    For the Three Months Ended March 31, 2025

     

     

     

    GAAP Reported

     

     

    Stock-Based Compensation Expense

     

     

    Adjusted

     

    Engineering services costs

     

    $

    27,204

     

     

    $

    (4,018

    )

     

    $

    23,186

     

    General and administrative costs

     

     

    18,384

     

     

     

    (3,808

    )

     

     

    14,576

     

    Research and development costs

     

     

    7,135

     

     

     

     

     

     

    7,135

     

    Depreciation and amortization

     

     

    10,958

     

     

     

     

     

     

    10,958

     

    Total operating expenses

     

    $

    63,681

     

     

    $

    (7,826

    )

     

    $

    55,855

     

    Less: Depreciation and amortization

     

     

     

     

     

     

     

     

    (10,958

    )

    Adjusted operating expenses

     

     

     

     

     

     

     

    $

    44,897

     

    Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are alternative financial measures 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 define Adjusted engineering services costs and Adjusted general and administrative costs as engineering services costs and general and administrative costs adjusted to exclude stock-based compensation expenses.

    We believe Adjusted operating expenses, Adjusted engineering services costs and Adjusted general and administrative costs are useful measures across time in evaluating our operating performance as we use these measures to manage the business, including in preparing our annual operating budget and financial projections. Adjusted operating expenses, Adjusted engineering services costs, and Adjusted general and administrative costs are non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP, and therefore have limits in their usefulness to investors. Because of the non-standardized definitions, these measures may not be comparable to the calculation of similar measures of other companies and are presented solely to provide investors with useful information to more fully understand how management assesses performance. These measures are not, and should not be viewed as, a substitute for their most directly comparable GAAP measure of Total operating expenses, Engineering services costs and General and administrative costs.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250811977121/en/

    Investor Contact:

    Scott Wisniewski

    [email protected]

    Media Contact:

    Allison

    Eva Murphy Ryan

    917-547-7289

    [email protected]

    Get the next $ASTS alert in real time by email

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