AST SpaceMobile Inc. ( ASTS ) shares are trading lower Monday, adding to losses since the company reported first-quarter earnings last week that included revenue and earnings below expectations despite strong operational updates.

What To Know: Last week, AST SpaceMobile ( ASTS ) reported $718,000 in revenue for the first quarter, missing analyst estimates by over $3 million. The company also posted a net loss of 20 cents per share, missing estimates for a loss of 18 cents per share, according to Benzinga Pro.

The sell-off on Monday appears to be technical after shares were rejected around the $27.50 level multiple times following earnings.

Despite being unable to gain upward momentum, AST SpaceMobile ( ASTS ) highlighted several achievements during the quarter, including "strong" progress on regulatory approvals and a multi-provider satellite orbital launch plan with five contracted launches over the next six to nine months. 

The company also said it advanced its SpaceMobile network commercialization efforts and has an expected revenue opportunity of $50 million to $75 million in the second half of 2025.

Executives highlighted continued progress on building a satellite broadband network that connects directly to unmodified smartphones, noting that the company has signed deals with 45 mobile operators globally.

AST SpaceMobile ( ASTS ) also pointed to significant U.S. government contracts in progress, including a $43 million deal with the U.S. Space Development Agency and a new $20 million agreement through the Defense Innovation Unit.

Following the print, Scotiabank analyst Andres Coello lowered the price target from $47.90 to $45.40. The company has a Street-high target of $63 and a Street-low target of $15, according to Benzinga analyst data.

AST SpaceMobile ( ASTS ) also has a strong momentum score of 98.18, given its sharp rise of more than 365% over the past year, according to Benzinga Pro data.

Price Action: AST SpaceMobile ( ASTS ) shares were down 7.73% at $24.59 at the time of publication Monday, according to Benzinga Pro.

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