Summary by Moomoo AI
AST SpaceMobile reported Q2 2024 revenues of $900,000 from a U.S. Government contract, while net loss widened to $131.4 million compared to $49.6 million in Q2 2023. Operating expenses increased 10% to $63.9 million, primarily due to higher depreciation and general administrative costs, partially offset by lower R&D expenses.The company completed final assembly and testing of five Block 1 BB satellites, which are awaiting launch in September 2024. AST secured major strategic investments and commercial agreements, including a $145 million convertible note investment from AT&T, Google, Vodafone and Verizon, and commercial prepayment commitments totaling $85 million from AT&T and Verizon.As of June 30, 2024, AST maintained $287.6 million in cash and cash equivalents, strengthened by successful capital raises through convertible notes and equity offerings. The company estimates needing $275-325 million in additional funding to deploy 20 Block 2 BB satellites and achieve its initial commercial service goals. Management believes current cash reserves are sufficient for operations over the next 12 months.
