AST SpaceMobile

Second quarter revenue hit 31.5 million dollars, more than double the 14.7 million dollars they made in the first quarter, driven by gateway deliveries and U.S. Government milestones. The backlog of already contracted work grew to about 1.3 billion dollars, and they picked up over 125 million dollars of new government awards tied to national security work. Full year guidance still stands at 150 to 200 million dollars.

They launched six satellites in 50 days, taking the network to 13 spacecraft in orbit with roughly 20,000 square feet of antenna deployed. BlueBirds 14 through 46 are in production, and beta service is being prepped with 3,000 digital cells already switched on across the continental United States. Over 60 carriers covering more than 3 billion subscribers have signed on.

Total operating expenses jumped to 329.1 million dollars in the second quarter, up 165 million dollars from the prior quarter, including a 125.9 million dollar loss on an involuntary conversion. Against 31.5 million dollars of revenue, that is roughly ten dollars going out for every dollar coming in. Profits are still years away and the burn grows with every launch.

In July they raised another 1.15 billion dollars by selling convertible notes that can turn into stock at about 149 dollars a share. That leaves them with over 3.7 billion dollars, which is real firepower, but it also means existing owners keep giving up small slices of the company. Add a stock that swings nearly three times as hard as the market, and the ride stays rough.