Press release
AST SpaceMobile Provides Third Quarter 2023 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 everyday smartphones, is providing its business update for the third quarter ended September 30, 2023.\n\n\n“The manufacturing of our first five commercial satellites is at full speed at our Texas facilities, and we are looking forward to our expected launch in Q1 2024 as we target initial commercial service for both mobile network operators and governmental entities starting in 2024,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “In the third quarter, AST SpaceMobile announced another historic achievement and the capstone of our BlueWalker 3 testing program – the first-ever space-based 5G cellular broadband connection directly to an everyday smartphone. I am grateful for the dedication of our team and support of our network partners who have helped us reach multiple groundbreaking milestones this year.”\n\n\nBusiness Update\n\n\n\nBlueWalker 3 Makes History Again\n\n\nDemonstrated space-based 5G cellular broadband capabilities\n\n\n\nIncreased performance to 14 Mbps data rates per 5MHz channels\n\n\n\n\n\n\nFirst Five Commercial Satellites Expected to be Launched in Q1 2024\n\n\nManufacturing at full speed in Midland, Texas facilities\n\n\n\nApproximately 85% of planned capital expenditures paid as of September 30, 2023\n\n\n\n\n\n\nTotal and Adjusted Operating Expenses Expected to Decrease by $10 Million to $15 Million Per Quarter Beginning Q1 2024\n\n\nExpected reduction driven by completion of Block 1 design and development, substantial completion of the ASIC design, and partial completion of Block 2 design, with no material change in headcount\n\n\n\n\n\n\nIP Portfolio Has Grown to More than 3,100 Patent and Patent Pending Claims Worldwide\n\n\n\nStrategic Investment Process\n\n\nWe are moving forward on definitive documentation and completion of diligence with multiple strategic partners\n\n\n\nSeeking to close and fund with multiple strategic partners in November or December 2023\n\n\n\nThere can be no assurance that we will enter into any such transactions on acceptable terms, on this timing, or at all\n\n\n\n\n\n\nThird Quarter 2023 Financial Highlights\n\n\n\nAs of September 30, 2023, we had cash...