AST SpaceMobile headquarters in Midland, Texas. Photo: AST SpaceMobile

AST SpaceMobile secured a financing package that funds the launch of its first five direct-to-cell commercial satellites, the company announced Monday. 

CFO Sean Walllace said the company secured up to $115 million in loans, in addition to a $57 million common stock offering and $7 million raised under a market program. Atlas Credit Partners announced that it provided a $100 million credit facility, with $50 million funded at closing. 

AST SpaceMobile has reported making two-way voice calls to unmodified smartphones and 4G capabilities using the BlueWalker 3 test satellite launched last year. The company is now manufacturing the first five commercial satellites for satellite-to-cell services, ahead of planned launch in the first quarter of 2024. 

“This quarter we achieved space-based 4G LTE cellular broadband capabilities to everyday smartphones, reaching speeds above 10 Mbps during BlueWalker 3 testing alongside AT&T, Vodafone and Nokia”, said CEO Abel Avellan. “We are now laser-focused on the manufacturing of our BlueBird satellites. The first five satellites are fully-funded with a planned launch in Q1 2024 as we target to offer initial commercial service in 2024.”

The company also reported it is receiving interest in strategic investments in commercial payments. 

At the end of the second quarter, AST SpaceMobile reported 190.8 million in cash on hand. The company reported no revenue and a net loss of $49.6 million.