AST SpaceMobile reported a Q2 2024 net loss of $131.3 million, with operating expenses of $63.9 million. The company generated revenue of $0.9 million and held cash and equivalents of $287.6 million as of June 30. The quarter saw significant strategic developments, including a $100 million investment from Verizon comprising $65 million in commercial prepayments and $35 million in convertible notes.The company is preparing for a milestone launch of its first five commercial satellites in September 2024, representing the largest-ever commercial communications arrays in low Earth orbit. These satellites have completed environmental testing and are now at Cape Canaveral awaiting launch integration. The deployment will enable initial nationwide, non-continuous service with AT&T and Verizon beta users following activation.Technical progress includes the completion of the AST5000 ASIC chip tape-out phase with TSMC, expected to deliver up to 10x improvement in satellite processing bandwidth. The company has also expanded its U.S. Government relationships with successful initial in-orbit testing and additional contract awards, while planning for Block 2 BlueBird production of 17 satellites is underway at Texas facilities.

AST SpaceMobile reported a Q2 2024 net loss of $131.3 million, with operating expenses of $63.9 million. The company generated revenue of $0.9 million and held cash and equivalents of $287.6 million as of June 30. The quarter saw significant strategic developments, including a $100 million investment from Verizon comprising $65 million in commercial prepayments and $35 million in convertible notes.The company is preparing for a milestone launch of its first five commercial satellites in September 2024, representing the largest-ever commercial communications arrays in low Earth orbit. These satellites have completed environmental testing and are now at Cape Canaveral awaiting launch integration. The deployment will enable initial nationwide, non-continuous service with AT&T and Verizon beta users following activation.Technical progress includes the completion of the AST5000 ASIC chip tape-out phase with TSMC, expected to deliver up to 10x improvement in satellite processing bandwidth. The company has also expanded its U.S. Government relationships with successful initial in-orbit testing and additional contract awards, while planning for Block 2 BlueBird production of 17 satellites is underway at Texas facilities.