Press release
AST SpaceMobile Provides Business Update and Second Quarter 2024 Results
MIDLAND, Texas--(BUSINESS WIRE)-- AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular
About this update from Ast Spacemobile, Inc.
[{"type":"text","content":" MIDLAND, Texas--(BUSINESS WIRE)--\nAST 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 for the second quarter ended June 30, 2024.\n\n\n\"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.\"\n\n\nBusiness Update\n\n\n\nFirst 5 commercial satellites on target for dedicated orbital launch in first half of September, each the largest-ever communications arrays to be deployed commercially in low Earth orbit\n\n\nFinal assembly and environmental testing completed successfully at AST SpaceMobile manufacturing facilities in Texas\n\n\n\nSatellites are now at Cape Canaveral preparing for launch vehicle integration ahead of a confirmed launch date\n\n\n\nSecured FCC approval with initial license for launch of first 5 commercial satellites\n\n\n\n\n\n\nExpanded the AST SpaceMobile commercial ecosystem, adding Verizon as strategic investor and customer, joining AT&T in the U.S.\n\n\nStrategic investment by Verizon brings $100 million financial commitment, including $65 million of commercial prepayments and $35 million of convertible notes\n\n\n\nAlong with AT&T, which signed a definitive commercial agreement in May, enables nationwide ~100% geographical coverage target of the continental U.S. on premium 850 MHZ low-band spectrum\n\n\n\nContinue to advance discussions with additional strategic partners, following the blueprint of commercial prepayments alongside commercial agreements\n\n\n\n\n\n\nFirst 5 commercial satellites capable of U.S. nationwide non-continuous service with 5,600+ cells in premium low-band spectrum\n\n\nExpect initial nationwide, non-continuous service to be available with AT&T and Verizon beta test u...