05:22 PM EDT, 05/15/2024 (MT Newswires) -- AST SpaceMobile ( ASTS ) and AT&T ( T ) said late Wednesday they have signed a commercial agreement to provide a space-based broadband network for cell phones.

The agreement extends into 2030, the companies said, adding that previously they had been working together under a memorandum of understanding.

AST SpaceMobile ( ASTS ) said that this summer it expects to deliver its first commercial satellites to Cape Canaveral for launch into orbit.

Chris Sambar, AT&T ( T ) head of network, will be appointed to AST SpaceMobile's ( ASTS ) board, the companies said.

Financial details weren't provided.

AST SpaceMobile ( ASTS ) shares were rising past 34% in recent after-hours activity.

Separately, AST SpaceMobile ( ASTS ) reported a Q1 loss late Wednesday of $0.16 per diluted share, narrower than a loss of $0.23 a year earlier. Two analysts polled by Capital IQ expected a loss of $0.19.

Revenue for the quarter ended March 31 was $500,000. Three analysts surveyed by Capital IQ expected $3.7 million.