Latest satellite production delay sends AST SpaceMobile stock plummeting

TAMPA, Fla. — AST SpaceMobile’s shares plunged to a new low after the direct-to-smartphone developer said initial commercial satellites will not be ready for launch until at least July following its latest production delay.
The company disclosed the delay during earnings results April 1 after the Nasdaq stock exchange closed, sending shares down more than 23% the following day to $2.01.
SpaceX was slated to fly AST SpaceMobile’s first five 1,500-kilogram Block 1 BlueBird satellites on a Falcon 9 in 2023 before the venture first encountered supply chain issues.
This launch slipped to the first quarter of 2024, then the second quarter, and now AST SpaceMobile CEO Abel Avellan said the satellites are not due to arrive at their launch site until July or August.
“Unfortunately, production was negatively impacted primarily by two suppliers, leading to delays in integration and testing,” Avellan told investors April 1.
In particular, he said the Texas-b...

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