GlobalTech Corporation Announces Fourth Quarter and Year End 2024 Results
GlobalTech (GLTK) reported strong financial results for FY2024, with record revenue of $18.3 million, representing a 72% increase from $10.6 million in 2023. The company significantly improved its operating performance, reducing operating losses to $4.1 million from $10.5 million in the previous year.
Operating loss as a percentage of revenue improved to 22% in 2024 from 99% in 2023, while net loss decreased to $3.0 million from $8.3 million. The company maintained a cash position of $822,251 as of December 31, 2024.
As a provider of broadband and telecommunications services in Pakistan through Worldcall Telecom , GlobalTech is experiencing growing demand for its Fiber to the Home (FTTH) broadband services. The company is exploring expansion opportunities and considering a potential Nasdaq uplisting.
GlobalTech (GLTK) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con ricavi record di 18,3 milioni di dollari, che rappresentano un aumento del 72% rispetto ai 10,6 milioni di dollari del 2023. L'azienda ha migliorato significativamente le sue performance operative, riducendo le perdite operative a 4,1 milioni di dollari rispetto ai 10,5 milioni dell'anno precedente.
La perdita operativa come percentuale dei ricavi è migliorata al 22% nel 2024 rispetto al 99% nel 2023, mentre la perdita netta è diminuita a 3,0 milioni di dollari rispetto agli 8,3 milioni. L'azienda ha mantenuto una posizione di liquidità di 822.251 dollari al 31 dicembre 2024.
In qualità di fornitore di servizi di telecomunicazioni e banda larga in Pakistan attraverso Worldcall Telecom, GlobalTech sta vivendo una crescente domanda per i suoi servizi di fibra fino a casa (FTTH). L'azienda sta esplorando opportunità di espansione e considerando un possibile passaggio al Nasdaq.
GlobalTech (GLTK) reportó resultados financieros sólidos para el año fiscal 2024, con ingresos récord de 18,3 millones de dólares, lo que representa un aumento del 72% en comparación con los 10,6 millones de dólares en 2023. La compañía mejoró significativamente su rendimiento operativo, reduciendo las pérdidas operativas a 4,1 millones de dólares desde los 10,5 millones del año anterior.
La pérdida operativa como porcentaje de los ingresos mejoró al 22% en 2024 desde el 99% en 2023, mientras que la pérdida neta disminuyó a 3,0 millones de dólares desde los 8,3 millones. La compañía mantuvo una posición de efectivo de 822.251 dólares al 31 de diciembre de 2024.
Como proveedor de servicios de telecomunicaciones y banda ancha en Pakistán a través de Worldcall Telecom, GlobalTech está experimentando una creciente demanda por sus servicios de fibra hasta el hogar (FTTH). La compañía está explorando oportunidades de expansión y considerando una posible inclusión en Nasdaq.
GlobalTech (GLTK)는 2024 회계연도에 대한 강력한 재무 결과를 보고했으며, 1,830만 달러의 기록적인 수익을 기록하여 2023년의 1,060만 달러에서 72% 증가했습니다. 이 회사는 운영 성과를 크게 개선하여 운영 손실을 1,050만 달러에서 410만 달러로 줄였습니다.
2024년의 수익 대비 운영 손실 비율은 2023년의 99%에서 22%로 개선되었고, 순손실은 830만 달러에서 300만 달러로 감소했습니다. 이 회사는 2024년 12월 31일 기준으로 822,251달러의 현금 보유고를 유지하고 있습니다.
Worldcall Telecom을 통해 파키스탄에서 통신 및 브로드밴드 서비스를 제공하는 GlobalTech는 자택까지 연결되는 광섬유(FTTH) 브로드밴드 서비스에 대한 수요가 증가하고 있습니다. 이 회사는 확장 기회를 탐색하고 있으며 Nasdaq 상장 가능성을 고려하고 있습니다.
GlobalTech (GLTK) a rapporté de solides résultats financiers pour l'exercice 2024, avec des revenus record de 18,3 millions de dollars, représentant une augmentation de 72 % par rapport à 10,6 millions de dollars en 2023. L'entreprise a considérablement amélioré sa performance opérationnelle, réduisant les pertes d'exploitation à 4,1 millions de dollars contre 10,5 millions de dollars l'année précédente.
La perte d'exploitation en pourcentage des revenus s'est améliorée à 22 % en 2024 contre 99 % en 2023, tandis que la perte nette a diminué à 3,0 millions de dollars contre 8,3 millions de dollars. L'entreprise a maintenu une position de liquidités de 822 251 dollars au 31 décembre 2024.
En tant que fournisseur de services de télécommunications et de haut débit au Pakistan via Worldcall Telecom, GlobalTech connaît une demande croissante pour ses services de fibre jusqu'à domicile (FTTH). L'entreprise explore des opportunités d'expansion et envisage une éventuelle introduction au Nasdaq.
GlobalTech (GLTK) hat für das Geschäftsjahr 2024 starke finanzielle Ergebnisse gemeldet, mit Rekordumsätzen von 18,3 Millionen Dollar, was einem Anstieg von 72% gegenüber 10,6 Millionen Dollar im Jahr 2023 entspricht. Das Unternehmen hat seine operative Leistung erheblich verbessert und die operativen Verluste auf 4,1 Millionen Dollar von 10,5 Millionen Dollar im Vorjahr reduziert.
Der operative Verlust als Prozentsatz des Umsatzes verbesserte sich 2024 auf 22% von 99% im Jahr 2023, während der Nettoverlust auf 3,0 Millionen Dollar von 8,3 Millionen Dollar gesenkt wurde. Das Unternehmen hielt zum 31. Dezember 2024 eine Liquiditätsposition von 822.251 Dollar.
Als Anbieter von Breitband- und Telekommunikationsdiensten in Pakistan über Worldcall Telecom erlebt GlobalTech eine wachsende Nachfrage nach seinen Fiber-to-the-Home (FTTH) Breitbanddiensten. Das Unternehmen erkundet Expansionsmöglichkeiten und zieht eine potenzielle Nasdaq-Notierung in Betracht.
- Record revenue growth of 72% year-over-year to $18.3 million
- Significant reduction in operating loss from $10.5M to $4.1M
- Operating loss margin improved from 99% to 22% of revenue
- Net loss decreased by 64% to $3.0M from $8.3M
- Company still operating at a loss of $4.1M
- cash position of $822,251
- Net loss of $3.0M despite revenue growth
Record revenue of
RENO, Nev., March 28, 2025 (GLOBE NEWSWIRE) -- GlobalTech Corporation (GTC, OTC:GTLK) (“GlobalTech” or the “Company”), a leading U.S.-based technology investment holding company, today announced financial results for the year ending December 31, 2024.
Full-Year 2024 Financial Highlights:
- Net Revenue surged
72% in 2024, reaching$18.3 million , up from$10.6 million in the previous year. - Operating Loss improved significantly, narrowing to
$4.1 million in 2024, down from a loss of$10.5 million in 2023, positively impacted by strong revenue growth. As a percentage of revenue, operating loss improved to22% in 2024, down from99% in 2023, primarily due to revenue growing at a significantly faster rate than direct operating costs. - Net Loss declined to
$3.0 million in 2024, compared to$8.3 million in the prior year. - Cash and cash equivalents were
$822,251 as of December 31, 2024.
Dan Green, GlobalTech CEO commented, "GlobalTech, a leading provider of broadband and telecommunications services in Pakistan, achieved remarkable growth in 2024, with a
Detailed financial information can be found on the Company’s Annual Report on Form 10-K filed today with the Securities and Exchange Commission at www.sec.gov.
About Worldcall Telecom Limited (www.worldcall.net.pk)
Worldcall Telecom Limited (PSX:WTL) is a publicly listed telecom and media operator in Pakistan. Worldcall has substantial deployments in Long Distance and International (LDI), broadband, metro fiber optic networks, and media playout facilities for its cable operations. Worldcall has deployed approximately 2,000 km of metro fiber in 20 cities across Pakistan to provide its customers with internet and television service with a potential service footprint of 3.2 million homes. GlobalTech owns, directly and indirectly through associates, an aggregate of around
About GlobalTech Corporation
GlobalTech Corporation, headquartered in the USA, is a technology investment holding company that aims to provide growth capital and technological innovation to sectors such as AI, Big Data, and telecommunications. GTC partners with global companies to deliver innovative solutions that transform industries.
For more information, visit: globaltechcorporation.com
Forward Looking Statements
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, our need for additional capital, the terms of such capital and potential dilution caused thereby; foreign currency exchange losses, fluctuations and translation risks related to our business in Pakistan; the international economic environment, geopolitical developments and unexpected global events which could cause our business to decline; investing in emerging markets, where our operations are located, is subject to greater risks than investing in more developed markets, including significant political, legal and economic risks; our revenue performance can be unpredictable by nature; we operate in highly competitive markets, which we expect only to become more competitive; we may be unable to keep pace with technological changes and evolving industry standards; we are exposed to cyber-attacks and other cybersecurity threats that may lead to compromised or inaccessible telecommunications, digital and financial services, and/or leaks or unauthorized processing of confidential information, and perceptions of such threats may cause customers to lose confidence in our services; the telecommunications industry is highly capital-intensive and requires substantial and ongoing expenditures of capital; we may also be subject to increases in license fees for some of our licenses or to obtain new licenses; the loss of important intellectual property rights, as well as third-party claims that we have infringed on their intellectual property rights; our substantial amounts of indebtedness and debt service obligations could materially decrease our cash flow, which could adversely affect our business and financial condition; our status as a controlled company; the fact that no active trading market for our common stock exists, and an active trading market may not develop or be sustained in the future; stockholders may be diluted significantly through our efforts to obtain financing and satisfy obligations through the issuance of additional shares of the common stock; the telecommunications industry is a highly regulated industry, and we are subject to an extensive variety of laws and operate in uncertain judicial and regulatory environments, which may result in unanticipated outcomes that could harm our business; our operating subsidiaries are located in Pakistan, and their assets are in Pakistan, which may affect shareholder rights, including the ability to enforce civil liabilities under U.S. securities laws; we are, and may in the future be, involved in, associated with, or otherwise subject to legal liability in connection with disputes and litigation with regulators, competitors, and third parties; our licenses are granted for specific periods and may be suspended, revoked, or we may be unable to extend or replace these licenses upon expiration; we may be affected by economic downturns both in Pakistan and globally, changes in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; and risks relating to future divestitures, asset sales, joint ventures and acquisitions.
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in GlobalTech’s publicly filed reports, including, but not limited to, GlobalTech’s Annual Report on Form 10-K for the year ended December 31, 2024, and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. GlobalTech cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to GlobalTech or any person acting on behalf of GlobalTech are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on GlobalTech’s future results. The forward-looking statements included in this press release are made only as of the date hereof. GlobalTech cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, GlobalTech undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by GlobalTech. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Contact:
Louie Toma
CORE IR
louie@coreir.com
212-655-0924
| GLOBALTECH CORPORATION | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| AS OF DECEMBER 31, 2024 and 2023 | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 822,251 | $ | 908,097 | ||||
| Restricted cash | 2,633,019 | 2,353,442 | ||||||
| Accounts receivable – net | 3,780,777 | 4,045,485 | ||||||
| Short term investments | 970,596 | 149,427 | ||||||
| Prepayments | 60,234 | 11,448 | ||||||
| Stores and spares | 838,641 | 859,271 | ||||||
| Loans and advances | 4,660,122 | 4,213,468 | ||||||
| Other receivables | 3,947,158 | 2,120,283 | ||||||
| Total current assets | 17,712,798 | 14,660,921 | ||||||
| Property, plant and equipment | 16,936,286 | 17,904,180 | ||||||
| Operating lease right-of-use assets | 451,111 | 503,701 | ||||||
| Intangible assets – net | 10,264,049 | 11,575,524 | ||||||
| Long term loans and other assets | 3,123,604 | 4,253,358 | ||||||
| Deferred tax asset | 8,468,381 | 8,389,438 | ||||||
| TOTAL ASSETS | $ | 56,956,229 | $ | 57,287,121 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Trade and other payables | $ | 27,263,298 | $ | 26,383,588 | ||||
| Current portion of non-current liabilities | 7,413,649 | 5,968,424 | ||||||
| Accrued interest | 3,545,054 | 2,706,788 | ||||||
| Short term borrowings | 1,103,560 | 1,507,307 | ||||||
| Provision for taxation – net | 1,125,182 | 1,161,384 | ||||||
| Total current liabilities | 40,450,743 | 37,727,491 | ||||||
| Term finance certificates | 906,455 | 2,119,667 | ||||||
| Long term financing – secured | 1,154,484 | 1,329,890 | ||||||
| Long term deposits and payable | 1,412,328 | 1,873,896 | ||||||
| License fee payable | 163,217 | 161,165 | ||||||
| Operating lease liability | 635,030 | 689,416 | ||||||
| Post employment benefits | 676,084 | 723,916 | ||||||
| Other payables | 709,975 | 435,426 | ||||||
| Total non-current liabilities | 5,657,573 | 7,333,376 | ||||||
| TOTAL LIABILITIES | $ | 46,108,316 | $ | 45,060,867 | ||||
| CONTINGENCIES AND COMMITMENTS (NOTE 18) | ||||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Common stock, | 13,993 | 13,976 | ||||||
| Accumulated other comprehensive loss | (896,497 | ) | (1,761,998 | ) | ||||
| Accumulated deficit | (38,110,867 | ) | (36,484,513 | ) | ||||
| Non - controlling interest | 49,841,283 | 50,458,789 | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | 10,847,914 | 12,226,254 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 56,956,229 | $ | 57,287,121 | ||||
| The annexed notes form an integral part of these consolidated financial statements. | ||||||||
| 2024 | 2023 | |||||||
| NET REVENUE | $ | 18,255,248 | $ | 10,613,766 | ||||
| Direct operating costs | (16,800,147 | ) | (10,011,781 | ) | ||||
| Other operating costs | (2,505,673 | ) | (1,973,780 | ) | ||||
| Depreciation and amortization | (2,804,936 | ) | (3,368,165 | ) | ||||
| Other expenses | (201,841 | ) | (5,739,384 | ) | ||||
| OPERATING LOSS | (4,057,349 | ) | (10,479,343 | ) | ||||
| OTHER: | ||||||||
| Other income – net | 3,656,070 | 4,459,843 | ||||||
| Finance cost | (2,365,281 | ) | (2,153,678 | ) | ||||
| LOSS BEFORE TAXATION | (2,766,560 | ) | (8,173,178 | ) | ||||
| Taxation | (179,733 | ) | (151,780 | ) | ||||
| NET LOSS | $ | (2,946,293 | ) | $ | (8,324,958 | ) | ||
| NET LOSS ATTRIBUTABLE TO: | ||||||||
| Common shareholders of GlobalTech Corporation - (a) | (1,626,354 | ) | (4,564,574 | ) | ||||
| Non - controlling interest (NCI) | (1,319,939 | ) | (3,760,383 | ) | ||||
| (2,946,293 | ) | (8,324,958 | ) | |||||
| Loss per common share: basic and diluted - (a/b) | $ | (0.012 | ) | $ | (0.03 | ) | ||
| Weighted-average common shares used to compute basic and diluted loss per share - (b) | 139,933,391 | 139,763,391 | ||||||
FAQ
What was GlobalTech's (GLTK) revenue growth in 2024?
How much did GLTK reduce its operating losses in 2024?
What is GlobalTech's (GLTK) cash position as of December 2024?
What are GLTK's expansion plans for 2025?
How did GLTK's operating loss margin improve in 2024?
