What's Happening with AST SpaceMobile Stock on Wednesday?

AST SpaceMobile, Inc. (NASDAQ: ASTS) saw its stock price rise on Wednesday following the announcement of a substantial $43 million contract awarded by the U.S. Space Development Agency (SDA) through a prime contractor.

What You Need to Know: This new contract follows successful testing of the company’s BlueWalker-3 satellite, which was achieved under a previous contract that was revealed in February 2024. For this latest project, AST SpaceMobile will employ its Block 2 BlueBird satellites.

The contract plays a significant role in supporting the Space Development Agency, a division of the U.S. Space Force. The agency's goal is to expedite the deployment of space-based technologies that enhance military operations on the ground.

Chief Commercial Officer and Head of Government Business at AST SpaceMobile, Chris Ivory, commented on the contract, stating, "This second contract supporting the SDA underscores the confidence in AST SpaceMobile’s innovative technology and its potential to support critical government missions. We are deploying groundbreaking technology to create robust and resilient communications solutions and to enable new use cases for the U.S. government."

Additional Information: AST SpaceMobile is expected to report its fiscal-year fourth-quarter earnings for 2024 on Monday, which will take place after the market closes. Analysts project a loss of 17 cents per share and revenue of approximately $19.20 million, according to data sourced from Benzinga Pro.

ASTS Stock Movement: As of the latest updates, AST SpaceMobile stock was trading 7.83% higher at $28.21, based on information from Benzinga Pro.

Image: via AST SpaceMobile, Inc.

SpaceMobile, Contracts, Technology