The following is a summary of the AST SpaceMobile, Inc. (ASTS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• For Q1 2024, AST SpaceMobile reported non-GAAP adjusted cash operating expenses of $31.1 million.

• Their capital expenditures for the first quarter were $26.7 million.

• The company ended the first quarter with $212.4 million in cash.

• They are projecting total spend of approximately $150 million for the five V-band Block 1 (VB1) satellites.

• They expect cash, adjusted cash operating expenses to be around an average of $30 million per quarter for 2024.

• Any increase in capital expenditures beyond $25 million to $40 million for the next two quarters will be in conjunction with the deployment of Block 2 satellites.

Business Progress:

• AST SpaceMobile has signed a definitive commercial agreement with AT&T through 2030.

• They have completed their first five commercial satellites, the Bluebird satellites, and they aim to launch these satellites in summer 2024.

• They are making progress operationally, commercially, and regulatory and have laid the foundations of enabling broadband connectivity everywhere.

• They have also established their first government contract, their first commercial revenue, and are currently negotiating additional services with this government customer.

• They are also focusing on launching Block 2 satellites, in late 2024 or the first quarter of 2025.

• With this progress, a revenue generation stream is emerging through signed agreements with operators and the start of these five satellites.

More details: AST SpaceMobile IR

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