Jim Cramer’s Best Performers List: Top 10 Stocks

7. AST SpaceMobile, Inc. (NASDAQ:ASTS)

Cramer acknowledged that AST SpaceMobile, Inc. (NASDAQ:ASTS) has been burning money but pointed out that space stocks are in favor presently.

“Alright, seventh: AST SpaceMobile is another company that I’ve gotten a lot of calls about lately. It’s a satellite maker but it has deals with Verizon, AT&T. It helps smartphone connectivity. While it’s losing gobs and gobs of money, it’s a space stock, and space is loved right now, hence why AST’s up over 362% this year.”

AST SpaceMobile (NASDAQ:ASTS), a company focused on creating a space-based cellular broadband network for smartphones, is actively working on expanding its operations and technology to provide global mobile connectivity, especially in areas lacking terrestrial coverage. On November 14, the company released its third-quarter earnings report, revealing progress across several fronts, including new contracts and government partnerships.

During the third quarter, the company notably expanded its customer base and ecosystem, securing three new contract awards with the U.S. Government. These agreements allow the company to build on its existing in-orbit technology and strengthen its offerings for both commercial and government applications. It was also selected by the Space Development Agency (SDA) to compete directly as a prime contractor under the Hybrid Application for Proliferated Low Earth Orbit (HALO) program.

In addition to government contracts, AST SpaceMobile (NASDAQ:ASTS) continued its ongoing discussions with commercial partners. The company has established a growing list of global commercial partnerships, which include major players like AT&T, Verizon, Google, and Vodafone.

These collaborations give the company access to a vast network of more than 45 mobile operators, which collectively serve over 2.8 billion subscribers worldwide. The company also highlighted its financial position at the end of the quarter, reporting a balance sheet with $518.9 million in cash, cash equivalents, and restricted cash.