AST SpaceMobile Provides Preliminary Financial Results for Third Quarter 2022 and Update on BlueWalker 3 Test Satellite
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, is providing its preliminary estimated financial results for the third quarter ended September 30, 2022. A full third quarter business update is planned for the first half of November.
Third Quarter 2022 Preliminary Estimated Financial Results
We ended the third quarter with cash and cash equivalents and restricted cash of approximately $199.5 million, a decline of $2.9 million for the quarter
We expect our total operating expenses including certain non-recurring development and engineering expenses to be between $41.0 and $43.0 million for the third quarter of 2022, including $3.0 to $4.0 million of depreciation and amortization and stock-based compensation expense
As of September 30, 2022, we have incurred approximately $92.0 million of capitalized costs (including launch cost and non-recurring engineering costs) related to the assembly, testing and deployment of the BlueWalker 3 test satellite
As of September 30, 2022, we have incurred approximately $43.1 million of capitalized property and equipment costs primarily related to the Texas facilities, satellite antennas, satellite parts assembly and test equipment, and leasehold improvements
Our unaudited condensed consolidated financial statements for the three months ended September 30, 2022 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 months ended September 30, 2022. 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 September 30, 2022. 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.
Update on BlueWalker 3 Test Satellite
We launched the BlueWalker 3 (“BW3”) test satellite into orbit on September 10, 2022 from Cape Canaveral, Florida. We acquired control of the satellite promptly after launch and have been ramping up ground control operations and monitoring satellite performance through telemetry, tracking and command (TT&C) antennas. The satellite is operating normally and sensors and actuators are ready. We are currently completing our pre-deployment plan and waiting for optimal solar power generation conditions for deployment, which will become favorable starting late next week, in anticipation of deploying the phased array antenna, which is currently expected to be completed on or about November 10, 2022 (T+2 months). The actual date of unfolding is subject to numerous factors beyond our control and the date could differ from this estimate.