10-Q 1 asts-20220331.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File No. 001-39040

 

AST SPACEMOBILE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

84-2027232

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

Midland Intl. Air & Space Port

 

 

2901 Enterprise Lane

Midland, Texas

 

79706

(Address of principal executive offices)

 

(Zip Code)

 

(432) 276-3966

(Registrant’s telephone number, including area code)

 

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value $0.0001 per share

 

ASTS

 

The Nasdaq Stock Market LLC

Warrants exercisable for one share of Class A common stock at an exercise price of $11.50

 

ASTSW

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

☐ Large accelerated filer

☐ Accelerated filer

Non-accelerated filer

 Smaller reporting company

 

 Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No ☒

 

As of May 13, 2022 there were 51,862,973 shares of Class A common stock, $0.0001 per value, 51,636,922 shares of Class B common stock, $0.0001 par value, and 78,163,078 shares of Class C common stock, $0.0001 par value, issued and outstanding.

 

 

 

 


 

 

AST SPACEMOBILE, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

 

TABLE OF CONTENTS

 

 

 

Page

Part I. Financial Information

 

1

Item 1. Interim Financial Statements

 

1

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (Unaudited)

 

1

Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited)

 

2

Condensed Consolidated Statements of Comprehensive Income (Loss) for three months ended March 31, 2022 and 2021 (Unaudited)

 

3

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (Unaudited)

 

4

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)

 

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk

 

32

Item 4. Controls and Procedures

 

32

Part II. Other Information

 

33

Item 1. Legal Proceedings

 

33

Item 1A. Risk Factors

 

33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

33

Item 3. Defaults Upon Senior Securities

 

33

Item 4. Mine Safety Disclosures

 

33

Item 5. Other Information

 

33

Item 6. Exhibits

 

34

Part III. Signatures

 

35

 

i


 

PART I - FINANCIAL INFORMATION

Item 1. Interim Financial Statements.

 

AST SPACEMOBILE, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

(dollars in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

253,731

 

 

$

321,787

 

Restricted cash

 

 

1,379

 

 

 

2,750

 

Accounts receivable

 

 

2,593

 

 

 

2,173

 

Inventories

 

 

1,827

 

 

 

1,412

 

Prepaid expenses

 

 

3,537

 

 

 

3,214

 

Other current assets

 

 

9,862

 

 

 

4,467

 

Total current assets

 

 

272,929

 

 

 

335,803

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

BlueWalker 3 satellite - construction in progress

 

 

82,693

 

 

 

67,615

 

Property and equipment, net

 

 

32,157

 

 

 

28,327

 

Total property and equipment, net

 

 

114,850

 

 

 

95,942

 

 

 

 

 

 

 

 

Other non-current assets:

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

7,990

 

 

 

7,991

 

Intangible assets, net

 

 

205

 

 

 

242

 

Goodwill

 

 

3,546

 

 

 

3,641

 

Other non-current assets

 

 

15,066

 

 

 

317

 

Total other non-current assets

 

 

26,807

 

 

 

12,191

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

414,586

 

 

$

443,936

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,917

 

 

$

6,638

 

Accrued expenses and other current liabilities

 

 

7,295

 

 

 

7,469

 

Deferred revenue

 

 

7,800

 

 

 

6,636

 

Current operating lease liabilities

 

 

900

 

 

 

634

 

Total current liabilities

 

 

22,912

 

 

 

21,377

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

63,544

 

 

 

58,062

 

Non-current operating lease liabilities

 

 

7,312

 

 

 

7,525

 

Long-term debt

 

 

4,940

 

 

 

5,000

 

Total liabilities

 

 

98,708

 

 

 

91,964

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Class A Common Stock, $.0001 par value; 800,000,000 shares authorized; 51,782,254 and 51,730,904 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

 

 

5

 

 

 

5

 

Class B Common Stock, $.0001 par value; 200,000,000 shares authorized; 51,636,922 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

 

 

5

 

 

 

5

 

Class C Common Stock, $.0001 par value; 125,000,000 shares authorized; 78,163,078 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

 

 

8

 

 

 

8

 

Additional paid-in capital

 

 

172,708

 

 

 

171,155

 

Accumulated other comprehensive loss

 

 

(505

)

 

 

(433

)

Accumulated deficit

 

 

(81,182

)

 

 

(70,461

)

Noncontrolling interest

 

 

224,839

 

 

 

251,693

 

Total stockholders' equity

 

 

315,878

 

 

 

351,972

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

414,586

 

 

$

443,936

 

 

 

 

 

 

 

 

See accompanying notes to the condensed consolidated financial statements

 

 

1


 

 

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

2,394

 

 

$

951

 

 

 

 

 

 

 

 

 

 

Cost of sales (exclusive of items shown separately below)

 

 

1,986

 

 

 

896

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

408

 

 

 

55

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Engineering services

 

 

11,740

 

 

 

5,659

 

 

General and administrative costs

 

 

11,619

 

 

 

5,537

 

 

Research and development costs

 

 

8,281

 

 

 

304

 

 

Depreciation and amortization

 

 

1,100

 

 

 

614

 

 

Total operating expenses

 

 

32,740

 

 

 

12,114

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Loss on remeasurement of warrant liabilities

 

 

(5,482

)

 

 

-

 

 

Other income (expense), net

 

 

15

 

 

 

(28

)

 

Total other expense, net

 

 

(5,467

)

 

 

(28

)

 

 

 

 

 

 

 

 

 

Loss before income tax expense

 

 

(37,799

)

 

 

(12,087

)

 

Income tax expense

 

 

104

 

 

 

1

 

 

Net loss before allocation to noncontrolling interest

 

 

(37,903

)

 

 

(12,088

)

 

 

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interest

 

 

(27,182

)

 

 

(508

)

 

Net loss attributable to common stockholders

 

$

(10,721

)

 

$

(11,580

)

 

Net loss per share of common stock attributable to common stockholders (1)

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.21

)

 

N/A

 

 

Weighted average shares used in computing net loss per share of common stock (1)

 

 

 

 

 

 

 

Basic and diluted

 

 

51,760,520

 

 

N/A

 

 

 

(1) Earnings per share information has not been presented for periods prior to the Business Combination, as it resulted in values that would not be meaningful to the users of these condensed consolidated financial statements. Refer to Note 13 for further information.

 

See accompanying notes to the condensed consolidated financial statements

 

2


 

 

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Net loss before allocation to noncontrolling interest

 

$

(37,903

)

 

$

(12,088

)

 

Other comprehensive loss

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(432

)

 

 

(263

)

 

Total other comprehensive loss

 

 

(432

)

 

 

(263

)

 

Total comprehensive loss before allocation to noncontrolling interest

 

 

(38,335

)

 

 

(12,351

)

 

Comprehensive loss attributable to noncontrolling interest

 

 

(27,542

)

 

 

(574

)

 

Comprehensive loss attributable to common stockholders

 

$

(10,793

)

 

$

(11,777

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the condensed consolidated financial statements

 

3


 

 

AST SPACEMOBILE, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

 

(dollars in thousands, except share data)

 

Three Months Ended March 31, 2022

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Class C
Common Stock

 

Additional

 

Accumulated
Other

 

 

 

 

 

 

 

 

Shares

 

Values

 

Shares

 

Values

 

Shares

 

Values

 

Paid-in
Capital

 

Comprehensive
Loss

 

Accumulated Deficit

 

Noncontrolling Interest

 

Total Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

 

51,730,904

 

$

5

 

 

51,636,922

 

$

5

 

 

78,163,078

 

$

8

 

$

171,155

 

$

(433

)

$

(70,461

)

$

251,693

 

$

351,972

 

Stock-based compensation

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

1,606

 

 

-

 

 

-

 

 

604

 

 

2,210

 

Issuance of equity under employee stock plan

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(228

)

 

-

 

 

-

 

 

258

 

 

30

 

Vesting of restricted stock units

 

51,250

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

83

 

 

-

 

 

-

 

 

(83

)

 

-

 

Warrant exercise

 

100

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

92

 

 

-

 

 

-

 

 

(91

)

 

1

 

Foreign currency translation adjustments

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(72

)

 

-

 

 

(360

)

 

(432

)

Net loss

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(10,721

)

 

(27,182

)

$

(37,903

)

Balance, March 31, 2022

 

51,782,254

 

$

5

 

 

51,636,922

 

$

5

 

 

78,163,078

 

$

8

 

$

172,708

 

$

(505

)

$

(81,182

)

$

224,839

 

$

315,878

 

 

Three Months Ended March 31, 2021

 

 

Class A
Common Stock

 

Class B
Common Stock

 

Class C
Common Stock

 

Additional

 

Common Equity
(Pre-Combination)

 

Accumulated
Other

 

 

 

 

 

 

 

 

Shares

 

Values

 

Shares

 

Values

 

Shares

 

Values

 

Paid-in
Capital

 

Shares

 

Values

 

Comprehensive
Loss

 

Accumulated Deficit

 

Noncontrolling Interest

 

Total Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020 (1)

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

$

-

 

$

-

 

 

129,800,000

 

$

117,573

 

$

(168

)

$

(39,908

)

$

2,490

 

$

79,987

 

Stock-based compensation pre Business Combination

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

370

 

 

-

 

 

-

 

 

-

 

 

370

 

Foreign currency translation adjustments

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(197

)

 

-

 

 

(66

)

 

(263

)

Net loss

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(11,580

)

 

(508

)

 

(12,088

)

Balance, March 31, 2021

 

-

 

$

-

 

 

-

 

$

-

 

 

-

 

$

-

 

$

-

 

 

129,800,000

 

$

117,943

 

$

(365

)

$

(51,488

)

$

1,916

 

$

68,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Previously reported amounts have been adjusted for the retroactive application of the recapitalization related to the Business Combination. Refer to Note 3 for further information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the condensed consolidated financial statements

 

 

4


 

AST SPACEMOBILE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)

 

 

 

 

Three months ended March 31,

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss before allocation to noncontrolling interest

 

 

$

(37,903

)

 

$

(12,088

)

Adjustments to reconcile net loss before noncontrolling interest to cash
used in operating activities:

 

 

 

 

 

 

 

Depreciation

 

 

 

1,046

 

 

 

557

 

Amortization of intangible assets

 

 

 

54

 

 

 

57

 

Loss on remeasurement of warrant liabilities

 

 

 

5,482

 

 

 

-

 

Non-cash lease expense

 

 

 

170

 

 

 

100

 

Stock-based compensation

 

 

 

2,254

 

 

 

356

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

 

(470

)

 

 

942

 

Prepaid expenses and other current assets

 

 

 

(6,838

)

 

 

100

 

Inventory

 

 

 

(457

)

 

 

(443

)

Accounts payable and accrued expenses

 

 

 

2,684

 

 

 

1,273

 

Operating lease liabilities

 

 

 

(112

)

 

 

(94

)

Deferred revenue

 

 

 

1,333

 

 

 

725

 

Other assets and liabilities

 

 

 

(14,751

)

 

 

(12

)

Net cash used in operating activities

 

 

 

(47,508

)

 

 

(8,527

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

 

(4,660

)

 

 

(2,728

)

BlueWalker 3 satellite - construction in process

 

 

 

(16,907

)

 

 

(8,695

)

Net cash used in investing activities

 

 

 

(21,567

)

 

 

(11,423

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Direct costs incurred for the Business Combination

 

 

 

-

 

 

 

(595

)

Proceeds from warrant exercises

 

 

 

33

 

 

 

-

 

Proceeds from debt

 

 

 

97

 

 

 

-

 

Net cash provided by (used in) financing activities

 

 

 

130

 

 

 

(595

)

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

 

(