Quarterly Report (10-Q)

The company completed a business combination with New Providence Acquisition Corp. on April 6, 2021, raising $456.4 million in gross proceeds and receiving an additional $230 million from private placement investors, positioning it as a publicly traded satellite communications company on Nasdaq. For the six months ended June 30, 2021, the company reported revenue of $3.7 million (primarily from its subsidiary NanoAvionika), a net loss of $77.3 million including a $41.7 million non-cash loss from warrant liability fair value changes, and ended the period with $402.6 million in cash. The company is developing its BlueWalker 3 test satellite targeted for launch in March 2022 and building out a constellation of low Earth orbit satellites intended to provide direct cellular broadband connectivity to standard smartphones globally.