AST SpaceMobile, a SpaceX rival and partner, posted a major miss for its quarterly results late Thursday. https://t.co/qLpKlzcRE5
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AST SpaceMobile (NASDAQ: $ASTS) reported disappointing third-quarter earnings, with a loss per share of $1.10, significantly worse than the estimated loss of $0.20. The company generated $1.1 million in revenue, slightly above the anticipated $1.0 million. However, operating expenses soared to $66.6 million, raising concerns about the company’s financial health. Following the earnings announcement, AST SpaceMobile's stock declined by over 11% in after-hours trading. Despite these challenges, the company maintains a strong cash position, holding $518.9 million in reserves.
