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Globalstar, Inc. (GSAT) is a leading provider of mobile satellite voice and data services. The company offers these services to both commercial customers and recreational consumers in over 120 countries globally. Globalstar's product lineup includes mobile and fixed satellite telephones, simplex and duplex satellite data modems, and the SPOT family of mobile satellite consumer products, such as the SPOT Satellite GPS Messenger™. The company also offers flexible airtime service packages to meet diverse customer needs.
Globalstar's services are crucial for many land-based and maritime industries, enabling increased productivity in remote areas where cellular and landline services are unavailable. Key customer segments include the oil and gas industry, government, mining, forestry, commercial fishing, utilities, military, transportation, heavy construction, emergency preparedness, and business continuity. Additionally, individual recreational consumers benefit from Globalstar's wide range of satellite communication products and services.
The company's satellite data solutions are ideal for various applications, including asset and personal tracking, data monitoring, and SCADA. Globalstar derives its revenue primarily from providing mobile satellite services, which are particularly useful in areas where terrestrial wireline and wireless communication networks are impaired or non-existent. The company offers both two-way voice and data transmission services, as well as one-way data transmission, using mobile or fixed devices.
Globalstar owns significant satellite assets and generates the majority of its revenue within the United States. The company is dedicated to enhancing its service offerings and expanding its market reach through strategic partnerships and continuous technological advancements.
Globalstar (NASDAQ: GSAT) has announced it will release its fourth quarter and full year 2024 financial and operating results on Thursday, February 27, 2025, after market close. The company will host a conference call on the same day at 5:00 p.m. Eastern Time to discuss the results. The earnings release will be available through wire services and on the company's website at www.globalstar.com.
Globalstar (NASDAQ: GSAT) will showcase its connectivity solutions at Mobile World Congress Barcelona from March 3-6. The company will highlight its portfolio including LEO satellite network, XCOM RAN with Band n53 for private wireless networks, and SPOT satellite devices for remote communications.
CEO Dr. Paul Jacobs will speak at the Satellite and NTN Summit on March 5, while Chief Product Officer Mersad Cavcic will present at the 2025 Global Mobile Trends session on March 4. The event will feature Globalstar's first full-scale demonstration of XCOM RAN operating over Band n53 in Spain, with multiple daily demos scheduled throughout the congress.
Cavcic emphasized that 2025 is expected to be transformative for IoT communications, with Globalstar focusing on delivering next-generation satellite and terrestrial solutions for businesses operating in remote locations.
Comtech Telecommunications Corp (NASDAQ: CMTL) has appointed David B. Kagan as an independent director to its Board of Directors, effective February 13, 2025. Kagan brings over 35 years of experience in satellite communications leadership, most recently serving as CEO of Globalstar where he achieved significant top and bottom line improvements and expanded services to satellite IoT and direct-to-device satellite capability.
Prior to Globalstar, Kagan held leadership positions at ITC Global, Globe Wireless, and Spacenet. Ken Traub, Chairman, President and CEO of Comtech, highlighted Kagan's deep satellite industry experience and strength in capital markets, turnarounds, and strategic transactions as valuable assets for Comtech's ongoing comprehensive transformation.
Globalstar (Nasdaq: GSAT) has announced that its SmartOne Solar device has been awarded the 2024 IoT Excellence Award by TMC and Crossfire Media. The solar-powered asset tracker is distinguished as the only solar tracking device with leading certifications for hazardous environments.
The device can operate for up to 10 years in the field without maintenance, utilizing solar power for battery charging. It's specifically designed for various industries including transportation, oil and gas, construction, security, marine, and mining.
According to Mersad Cavcic, Globalstar CPO, the SmartOne Solar addresses key challenges in IoT monitoring within harsh environments through its ruggedized design and long operational lifecycle. The device operates on Globalstar's satellite connectivity network, providing worldwide coverage and supporting various applications for enhanced efficiency, optimization, and safety.
Globalstar (NASDAQ: GSAT) marked a significant milestone by ringing the Nasdaq opening bell on February 11, 2025, at the MarketSite in Times Square. Led by CEO Dr. Paul E. Jacobs, the ceremony symbolizes the company's 30-year journey and its position as a next-generation telecommunications infrastructure and technology provider.
Following the bell-ringing ceremony, Dr. Jacobs and the executive team participated in investor meetings. The event highlighted Globalstar's focus on innovative LEO satellite services, borderless terrestrial spectrum, and private 5G networking solutions. Dr. Jacobs emphasized that the Nasdaq listing reinforces the company's strong financials, momentum, and commitment to innovation, growth, and long-term value creation.
MDA Space has secured a definitive contract worth $1.1 billion CAD with Globalstar to serve as the prime contractor for their next-generation low Earth orbit (LEO) constellation. The agreement involves the manufacture of more than 50 MDA AURORA software-defined digital satellites.
This contract follows an initial Authorization to Proceed (ATP) contract announced on November 17, 2023. Approximately $750 million will be added to MDA's backlog in Q1 fiscal 2025, supplementing the previous ATP value of $350 million.
Globalstar (GSAT) announced plans to transfer its stock listing from NYSE American to the Nasdaq Global Select Market, effective February 11, 2025. The company will implement a previously-disclosed 1-for-15 reverse stock split effective February 10, 2025. Following the transfer, Globalstar expects to meet eligibility requirements for inclusion in the Nasdaq Composite Index.
The reverse stock split will automatically combine every 15 shares of issued and outstanding Common Stock into one share, with fractional shares rounded up to the next whole number. The company's authorized shares will be reduced to 143,333,334. Trading under the symbol 'GSAT' will continue on Nasdaq with a new CUSIP number 378973507.
CEO Dr. Paul E. Jacobs stated this strategic move aims to enhance visibility, attract diverse institutional shareholders, and improve overall liquidity, reflecting the company's strong growth trajectory.
Global Telesat Communications (GTC), a Globalstar reseller and NextPlat Corp subsidiary, reported a 35% year-over-year increase in Globalstar SPOT and satellite IoT device sales in 2024. GTC sold over 10,800 Globalstar devices in 2024, reaching a total of 45,000 device sales overall by May 2024.
The growth was primarily driven by sales of SPOT Gen4, SPOT X, SPOT Trace, and SmartOne C satellite IoT transmitters. GTC attributes the success to SPOT's user-friendly features and competitive pricing. Customers include both individual consumers and organizations, such as utilities suppliers, civil and national defence organizations, and humanitarian aid NGOs operating in unstable regions.
The company also reported strong demand for commercial IoT devices, particularly the SmartOne C transmitter, with a notable implementation in oil and gas pipeline monitoring.
Globalstar (GSAT) has announced its intention to voluntarily delist from NYSE American and transfer to the Nasdaq Global Select Market. This transition is contingent upon completing a previously disclosed reverse stock split of its common stock. The company expects the last trading day on NYSE American to be around February 10, 2025, with trading on Nasdaq beginning around February 11, 2025.
The company will maintain its current trading symbol 'GSAT' on both exchanges. Globalstar believes this strategic move, combined with the reverse stock split, could enhance the stock's appeal to a broader investor base. The stock will continue trading on NYSE American under 'GSAT' until the Nasdaq transfer is complete.
Globalstar (NYSE American: GSAT) and Peiker Holding GmbH have announced a strategic partnership to develop satellite-based emergency services and telematics capabilities for the automotive industry. Peiker, a pioneer in vehicle connectivity modules and emergency call services, will represent Globalstar in Europe and provide technical support for relevant projects. The partnership leverages Peiker's experience with their Polestar telematics system and Globalstar's SPOT satellite messenger technology, which has facilitated over 10,000 rescues.
Peiker will contribute product development resources to optimize Globalstar technologies for automotive applications. The collaboration aims to enhance road safety and improve communication reliability in critical situations. This partnership represents Globalstar's expansion into the automotive sector, focusing on providing critical services for both passengers and vehicles.
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