Can you handle an all-or-nothing bet? Here’s one to consider: AST SpaceMobile (NASDAQ:ASTS) stock, a very different kind of private space company than others you’ve probably heard about.

It took a while, but AST SpaceMobile finally just launched a test satellite into orbit. This is encouraging, but after inspecting the company’s financials, you might have a lukewarm opinion about ASTS stock.

AST SpaceMobile doesn’t send multimillionaires into space like some other space companies do. Rather, AST SpaceMobile is on a quest to build the “first and only space-based cellular broadband network to be accessible by standard smartphones.”

That’s an exciting and risky proposition. Not everyone wants to invest in niche market pioneers, as some will success while others will fail. Besides, first movers are sometimes unprofitable business ventures. If AST SpaceMobile fits into this category, then prospective investors should definitely proceed with due caution.

What’s Happening with ASTS Stock?

One problem with ASTS stock is that it just had a moon-shot, and may be in the “coming back to Earth” phase of the trip. The share price peaked at around $14 in August before making a steep U-turn.

Don’t get the wrong idea. It’s exciting to consider that AST SpaceMobile wants to build a global space-based cell-phone connectivity network. The company will be a trailblazer if it succeeds.

At least the company can say that it achieved a major milestone recently. It took a while to get there, though. Back in early August, AST SpaceMobile’s BlueWalker 3 test satellite arrived at Florida’s Cape Canaveral in preparation for a launch.

Fast-forward to early September, and AST SpaceMobile announced that BlueWalker 3 was expected to reach orbit on Sept. 10. At long last, on Sept. 13, AST SpaceMobile confirmed that the test satellite successfully achieved orbit.

AST SpaceMobile Is Unprofitable, but Improving

AST SpaceMobile achieved a milestone and all of the bragging rights that come with that. Yet, prospective investors shouldn’t make a move until they’ve looking into AST SpaceMobile’s financials, which are imperfect but also showing signs of improvement.

This, along with the wild price action of ASTS stock, is what might be off-putting for potential investors. For the three months ended June 30, AST SpaceMobile booked a $2.924 million net earnings loss. This may be a deal-breaker for some stock traders.

On the other hand, AST SpaceMobile’s quarterly loss was substantially better than the $19.978 million net loss from the year-earlier period. Could AST SpaceMobile close the profitability gap in the near future?

If the company’s most recently reported quarterly per-share net earnings loss was just 6 cents, then maybe there’s a profitable pathway for AST SpaceMobile.

What You Can Do Now

It’s fine to cheer AST SpaceMobile on as the company successfully launches BlueWalker 3 into space. The company has some work to do, though, on the financial front.

Cautious traders might want to watch and wait, and see if AST SpaceMobile can translate its ambitious vision into bottom-line profits. Meanwhile, risk-tolerant investors may choose to hold a few ASTS stock shares, as long as they’re prepared for either a moon-shot or a possible crash landing.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.