Press release
AST SpaceMobile Provides Third Quarter 2022 Business Update
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 standard mobile phones, today is providing its business update for the third quarter ended September 30, 2022.\n\n“The successful unfolding of BlueWalker 3 is a major step forward for our patented space-based cellular broadband technology and paves the way for the ongoing production of our BlueBird satellites,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “In completing this deployment, as well as the other learnings from stowing, launching, operating, testing and flying the satellite over the last 2 months, we feel confident in our architecture and do not foresee any major changes to the architecture of our Block 1 satellites.”\n\nBusiness Update\n\nProgress with our BlueWalker 3 test satellite\n\n\nCompleted the successful launch of the BlueWalker 3 (“BW3”) test satellite from Cape Canaveral, FL\n\n\nAcquired control of the BlueWalker 3 test satellite shortly after deployment and implemented Telemetry, Tracking and Control protocols for operations control of the satellite\n\n\nSuccessfully unfolded the largest communications array ever deployed on a commercial Low Earth Orbit satellite\n\n\nCompleted validation of key aspects of our satellite architecture after two months of in-orbit operation\n\n\nIndustrialization of our SpaceMobile constellation\n\n\nPlan to launch five Block 1 BlueBird satellites in late 2023\n\n\nContinued to ramp up the assembly, testing and implementation processes at our Site 2 facility in Midland to build five Block 1 BlueBird satellites\n\n\nGrew portfolio of patent and patent pending claims to more than 2,600 worldwide as of November 14, 2022 compared to the 2,400 discussed at our last earnings call\n\n\nThird Quarter 2022 Financial Highlights\n\n\nEnded the third quarter with cash, cash equivalents, and restricted cash of $199.5 million\n\n\nTotal operating expenses increased by $6.7 million to $42.1 million for the third quarter of 2022, as compared to $35.4 million in the second quarter of 2022, due to a $4.4 million increase in research and development costs and $2.5 million increase in engineering services offset by a $0.2 million decrease in general and administrative co...