Overview
- Q3 results came in below forecasts with a loss of $0.45 per share and revenue of about $14.7 million versus estimates of a $0.23 loss and $19.9 million in sales.
- Adjusted operating expenses rose to $67.7 million, driven by higher engineering services, gateway delivery costs, and general and administrative spending.
- The company maintained second-half 2025 revenue guidance of $50 million to $75 million.
- Contracted revenue commitments now exceed $1 billion, including definitive agreements with Verizon and stc Group that include a $175 million prepayment.
- Financing and rollout plans include $1.15 billion in new convertible notes for pro forma liquidity above $3.2 billion, five launches by the end of Q1 2026, BlueBird 6 expected in early December, and shares little changed near $69.