Quarterly Report (10-Q)

AST SpaceMobile raised $110 million in convertible notes from AT&T, Google, and Vodafone in January 2024 and completed a public stock offering that generated approximately $108 million in net proceeds, bringing total cash to $210 million as of March 31, 2024. The company recognized its first revenue of $500,000 during Q1 2024 from government contract work and reported a net loss attributable to common stockholders of $19.7 million for the quarter, with operating expenses of $56 million driven primarily by satellite development and depreciation costs. The company is preparing to launch its five Block 1 BlueBird commercial satellites between July and August 2024 for initial limited service in targeted geographic areas, while also advancing development of its more powerful Block 2 satellites featuring a custom-designed ASIC chip completed in March 2024.