AST SpaceMobile Inc (NASDAQ:ASTS) reported a loss for its second quarter on Wednesday.
AST SpaceMobile reported second-quarter sales of $900,000. The company reported an adjusted loss of 51 cents per share, missing analyst estimates for a loss of 22 cents per share, according to data from Benzinga Pro.
AST SpaceMobile highlighted a strategic investment by Verizon during the quarter that brings a $100 million financial commitment. The company ended the quarter with $287.6 million in cash, cash equivalents and restricted cash. AST SpaceMobile also had $51.5 million of additional liquidity available to draw under its senior secured credit facility.
"We stand at a pivotal moment for AST SpaceMobile. The arrival of our first five commercial satellites at the launch site marks the culmination of years of relentless innovation and perseverance, in partnership with industry leaders like AT&T, Google, Verizon, Vodafone and Rakuten, among others," said Abel Avellan, founder, chairman and CEO of AST SpaceMobile.
AST SpaceMobile shares fell 0.7% to close at $20.81 on Wednesday.
These analysts made changes to their price targets on AST SpaceMobile following earnings announcement.
B. Riley Securities analyst Mike Crawford maintained AST SpaceMobile with a Buy and raised the price target from $15 to $26.
UBS analyst Christopher Schoell maintained AST SpaceMobile with a Buy and raised the price target from $13 to $30.
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