AST SpaceMobile(ASTS) - 2025 Q1 - Quarterly Results

Financial Position - As of March 31, 2025, AST SpaceMobile had cash, cash equivalents, and restricted cash totaling $874.5 million[10] - AST SpaceMobile's total assets as of March 31, 2025, were $1.37 billion, compared to $954.6 million as of December 31, 2024[17] - Cash and cash equivalents at the end of Q1 2025 were $874,458,000, significantly up from $212,440,000 at the end of Q1 2024, marking a 311.5% increase[21] Revenue and Growth - The company anticipates generating revenue between $50.0 million and $75.0 million in the second half of 2025[3] - Revenues for Q1 2025 increased to $718,000 from $500,000 in Q1 2024, representing a 43.6% growth[18] - Gateway equipment bookings from MNO partners reached $13.6 million in Q1 2025, with an expected average of $10.0 million per quarter during 2025[4] - The company has signed a new contract with the Defense Innovation Unit for up to $20.0 million in revenue[4] Operating Expenses - Total operating expenses for Q1 2025 were $63.7 million, an increase of $3.1 million compared to Q4 2024[10] - Adjusted operating expenses for Q1 2025 were $44.9 million, up $4.1 million from $40.8 million in Q4 2024[10] - Total operating expenses rose to $63,681,000 in Q1 2025, compared to $56,000,000 in Q1 2024, an increase of 13.0%[18] - Engineering services costs for Q1 2025 were $27,204,000, up from $19,511,000 in Q1 2024, a rise of 39.0%[22] - Stock-based compensation expense for Q1 2025 was $7,826,000, compared to $4,933,000 in Q1 2024, an increase of 58.5%[22] Losses and Cash Flow - Net loss attributable to common stockholders was $45,706,000 in Q1 2025, up from $19,730,000 in Q1 2024, reflecting a 131.5% increase in losses[18] - The company reported a total comprehensive loss of $45,432,000 for Q1 2025, compared to $19,836,000 in Q1 2024, an increase of 129.0%[19] - Cash used in operating activities decreased to $28,546,000 in Q1 2025 from $48,122,000 in Q1 2024, a reduction of 40.5%[21] - The company incurred a loss of $3,206,000 on the remeasurement of warrant liabilities in Q1 2025, contrasting with a gain of $18,214,000 in Q1 2024[21] Capital Expenditures and Production - The company has incurred approximately $584.1 million in gross capitalized property and equipment costs as of March 31, 2025[10] - AST SpaceMobile is on track to manufacture 40 Block 2 BlueBird satellites, with a target of six satellites per month during 2025[3] - AST SpaceMobile plans to support five scheduled orbital launches over the next six to nine months, with the first Block 2 BlueBird satellite expected to launch in July 2025[3] - Proceeds from debt in Q1 2025 amounted to $449,248,000, significantly higher than $110,000,000 in Q1 2024, indicating a 308.4% increase[21]