AST SpaceMobile Reports Mixed Q3 Results

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Quarterly Summary

For the third quarter of 2024, AST SpaceMobile, Inc. (ASTS) reported a net loss of $171.9 million, or $1.10 per share. In comparison, the net loss was $20.9 million, or 23 cents per share, during the same period last year. Notably, the company achieved a non-GAAP net income of 10 cents per share, surpassing the Zacks Consensus Estimate by 28 cents.

AST SpaceMobile, Inc. Stock Performance

AST SpaceMobile, Inc. price-consensus-eps-surprise-chart | AST SpaceMobile, Inc. Quote

Revenue Results

The company’s quarterly revenue was $1.1 million, falling short of the anticipated $2 million.

Key Financial Metrics

Total operating expenses for the September quarter increased to $66.6 million, compared to $59 million in the same quarter the previous year. This rise was largely attributed to higher research and development and engineering service costs. Adjusted operating expenses also saw a 21.4% year-over-year increase, totaling $45.3 million.

Cash Position

In the first three quarters of 2024, the company used $97.7 million in cash from operating activities, an improvement from $124 million spent during the same period in 2023. As of September 30, 2024, AST SpaceMobile had $518.9 million in cash, cash equivalents, and restricted cash.

Zacks Ranking

Currently, AST SpaceMobile holds a Zacks Rank #2 (Buy). Find the complete list of Zacks’ top-ranked stocks here.

Upcoming Earnings Releases

Keysight Technologies, Inc. (KEYS) is slated to announce its third-quarter earnings on November 19, with an expected earnings figure of $1.57 per share, a decline of 21.1% from the same period last year.

Nvidia Corporation (NVDA) will report its third-quarter earnings on November 20, with estimates predicting earnings of 74 cents per share, marking an increase of 85% from the prior year.

Workday, Inc. (WDAY) is set to release its third-quarter fiscal 2025 earnings on November 26. The Zacks Consensus Estimate for earnings stands at $1.72 per share, indicating a growth of 12.4% versus the year-ago figure.

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.