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AST SpaceMobile Inc

For the period ended Mar 31, 2024. Filed May 15, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 15, 2024

ASTS$32.33+7.1%Stored close · as of Nov 6, 2026
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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 31,2024

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

(Exact name of registrant as specified in its charter)

Delaware84-2027232
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Midland Intl. Air & Space Port
2901 Enterprise Lane Midland, Texas79706
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareASTSThe Nasdaq Stock Market LLC
Warrants exercisable for one share of Class A common stock at an exercise price of $11.50ASTSWThe 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, 2024 there were 139,621,085 shares of Class A common stock, $0.0001 per value,39,747,447 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.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS

Page
Part I. Financial Information1
Item 1. Interim Financial Statements1
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited)1
Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)2
Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 (Unaudited)3
Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and 2023 (Unaudited)4
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)5
Notes to Condensed Consolidated Financial Statements (Unaudited)6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations22
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk33
Item 4. Controls and Procedures33
Part II. Other Information34
Item 1. Legal Proceedings34
Item 1A. Risk Factors34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds34
Item 3. Defaults Upon Senior Securities34
Item 4. Mine Safety Disclosures35
Item 5. Other Information35
Item 6. Exhibits36
Part III. Signatures37

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.