Why AST SpaceMobile Stock Is Moving After Hours

AST SpaceMobile Inc (NASDAQ: ASTS) shares are trading lower in Monday's after-hours session after the company reported financial results.

AST SpaceMobile said first-quarter revenue totaled $2.39 million, up from $951,000 year-over-year, according to data from Benzinga Pro. The company reported a quarterly loss of 21 cents per share. 

AST SpaceMobile said it ended the first quarter with $255.1 million in cash and $4.9 million of debt.

"We continue to advance our industrialization activities, with investments at our Midland facilities and in our supply chain, towards our goal of producing up to 6 Bluebird production satellites per month," said Abel Avellan, chairman and CEO of AST SpaceMobile. 

The company said it has invested $82.7 million in construction and testing of its BlueWalker 3 satellite. AST SpaceMobile plans to launch BlueWalker3 this summer. The company has completed more than 700 system tests on the satellite to date.

AST SpaceMobile aims to build a global cellular broadband network in space that can operate directly with standard mobile devices.

ASTS Price Action: AST SpaceMobile shares have traded between $4.84 and $15.48 over a 52-week period.

The stock was down 3.28% in after hours at $6.78 at press time.

Photo: PIRO4D from Pixabay.