AST SpaceMobile, Inc. (ASTS), a space-based cellular broadband network for mobile phones, has slid 12.99% in aftermarket trading session. Consequently, ASTS stock is trading at $8.04 at the time of the writing. The decline would be attributed to numerous factors, like the threat of Omicron Variant, the crash of Crypto, increase in interest rates, etc. Ni specific factor could be termed with surety behind this decline. On Friday, ASTS closed the day at $9.24 after declining 2.12% during regular trading hours. For the moment, let’s discuss some recent developments related to ASTS stock.
ASTS Q3 2021 Operational Results
On 15th November, ASTS released the operational results for the third quarter of the fiscal year 2021. The company generated total revenue of $2.45 million during the quarter against $2 million for the same period of 2020. The total operating expenses for the three months were $23.11 million against $6.45 million for the same period of 2020. The net income attributable to common stockholders was $4.1 million during the quarter against the net loss of $5.5 million for the same quarter of 2020.
Business Highlights
Alongside the operational results, ASTS also reported the business highlights of the period. The company’s next satellite, BlueWalker 3, was going through the final integration and testing. During the quarter, the company’s Midland, Texas headquarters buildout was completed It had approximately 35,000 square feet of cleanroom for assembly. The company agreed to purchase an additional 100,000 square foot facility in Midland, Texas. It signed a lease for approximately 16,000 square feet of new space for its Maryland Technology Center.
Executive Commentary
Abel Avellan, Chairman and CEO of ASTS, while commenting on the results said that since the last quarterly update, the company has made significant progress on numerous fronts. He said that the company’s purchase of different facilities in Midland would provide it with the potential capacity to reach its production goal of six satellites per month.
Future Outlook for ASTS
During the last three months, ASTS stock has declined more than 25%. The reason for this decline could be the association of negative sentiments with the stock. However, recent weeks have seen more of a positive trend for the stock. Hence, potential investors should keep a close eye on the performance of ASTS stock in the future.
