Quarterly Report (10-Q)

The company successfully launched its BlueWalker 3 test satellite in September 2022 and completed deployment of its communication array in orbit by November 2022, demonstrating direct communication with standard cellular devices at 5G speeds. During the nine months ended September 30, 2022, the company reported revenues of $13.8 million but a net loss of $78.0 million, with operating expenses of $110.3 million driven primarily by engineering services ($38.2 million), research and development ($31.0 million), and general and administrative costs ($37.6 million). The company also completed the sale of its 51% stake in Lithuanian subsidiary NanoAvionika in September 2022 for approximately $26.7 million in net proceeds and recognized a $24.6 million gain on the transaction, while cash and equivalents decreased from $321.8 million at year-end 2021 to $198.9 million by quarter-end due to capital investments in satellite construction and operating activities.