AST SpaceMobile Inc. (NASDAQ:ASTS) shares are trading higher Tuesday, reversing an initial decline after the company reported second-quarter results Monday after the market closed.
- AST SpaceMobile stock is building positive momentum. Why is ASTS stock trading higher?
Q2 Results Miss Estimates; Backlog Grows to $1.3B
AST SpaceMobile reported an adjusted loss of 35 cents per share, missing the consensus estimate of a 28-cent loss. In addition, the company reported revenue of $31.52 million, missing the consensus estimate of $34.977 million.
Revenue backlog increased to approximately $1.3 billion in aggregate contracted revenue, spanning commercial partners and contract awards with the U.S. government.
“AST SpaceMobile’s differentiated technology platform and deep intellectual property portfolio, partner-first mobile network operator strategy, vertically integrated manufacturing capabilities, and comprehensive spectrum strategy are foundational to the space-based cellular broadband market we invented,” said Abel Avellan, AST SpaceMobile’s Chairman and CEO.
FY Guidance
AST SpaceMobile reaffirmed its fiscal-year revenue outlook of between $150 million and $200 million, versus the $168.88 million consensus estimate.
Analyst Reaction
Cantor Fitzgerald analyst Colin Canfield maintained an Overweight rating on AST SpaceMobile and raised the price target from $80 to $90.
AST SpaceMobile Shares Trade Higher
ASTS Price Action: At the time of publication, AST SpaceMobile shares are trading 3.08% higher at $70.88, according to data from Benzinga Pro.
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