Summary by Futu AI
AST SpaceMobile reported Q1 2025 revenues of $0.7 million, up 44% YoY, primarily from government contracts and gateway equipment sales. The company posted a net loss of $63.6 million, compared to $39.8 million in Q1 2024. Operating expenses increased to $63.7 million, driven by higher engineering and R&D costs for satellite development.The company successfully issued $460 million in 4.25% convertible senior notes due 2032 and completed the conversion of its 2034 convertible notes into 25.8 million shares of Class A Common Stock. Cash and cash equivalents stood at $874.5 million as of March 31, 2025, strengthened by the notes offering and ATM equity program proceeds.AST SpaceMobile made significant progress in its satellite program, planning to launch over 60 Block 2 BB satellites in 2025-2026. The company entered strategic agreements with Ligado for access to up to 45 MHz of lower mid-band spectrum in the US and Canada, subject to bankruptcy court approval, and secured new government contracts worth up to $63 million.
