Globalstar Announces Third Quarter 2024 Financial Results
Globalstar (NYSE: GSAT) reported strong Q3 2024 results with a 25% increase in total revenue to $72.3 million. The company achieved a net income of $9.9 million, compared to a $6.2 million loss in the previous year. Adjusted EBITDA grew 34% to $42.8 million, reaching a record high. The growth was primarily driven by wholesale capacity revenue, including $7.5 million in performance-based bonuses. The company raised its 2024 revenue guidance to $245-250 million from $235-250 million and increased its Adjusted EBITDA margin guidance to 54% from 53%.
Globalstar (NYSE: GSAT) ha riportato risultati solidi per il terzo trimestre del 2024 con un aumento del 25% nei ricavi totali, arrivando a 72.3 milioni di dollari. L'azienda ha ottenuto un reddito netto di 9.9 milioni di dollari, rispetto a una perdita di 6.2 milioni dell'anno precedente. EBITDA rettificato è cresciuto del 34% toccando un massimo storico di 42.8 milioni di dollari. La crescita è stata principalmente guidata dai ricavi della capacità all'ingrosso, inclusi 7.5 milioni di dollari in bonus legati alla performance. L'azienda ha rivisto al rialzo le sue previsioni di ricavi per il 2024, portandole a 245-250 milioni di dollari rispetto ai 235-250 milioni precedentemente previsti e ha incrementato le sue stime per il margine EBITDA rettificato al 54% rispetto al 53%.
Globalstar (NYSE: GSAT) reportó resultados sólidos para el tercer trimestre de 2024 con un aumento del 25% en los ingresos totales, alcanzando los $72.3 millones. La compañía logró un ingreso neto de $9.9 millones, en comparación con una pérdida de $6.2 millones del año anterior. EBITDA ajustado creció un 34% hasta $42.8 millones, alcanzando un máximo histórico. El crecimiento fue impulsado principalmente por los ingresos de capacidad mayorista, incluyendo $7.5 millones en bonos por desempeño. La empresa elevó su guía de ingresos para 2024 a $245-250 millones desde los $235-250 millones anteriores y también aumentó su guía de margen EBITDA ajustado al 54% desde el 53%.
글로벌스타 (NYSE: GSAT)는 2024년 3분기 실적에서 총 수익 25% 증가를 보고하며 7230만 달러에 도달했습니다. 회사는 작년의 620만 달러 손실에 비해 990만 달러의 순이익을 달성했습니다. 조정된 EBITDA는 34% 성장하여 4280만 달러로 사상 최고치를 기록했습니다. 성장은 주로 도매 용량 수익에 의해 주도되었으며, 여기에는 성과 기반 보너스 750만 달러가 포함됩니다. 회사는 2024년 수익 추정을 235-250백만 달러에서 245-250백만원으로 상향 조정하고, 조정된 EBITDA 마진 가이드를 53%에서 54%로 증가시켰습니다.
Globalstar (NYSE: GSAT) a annoncé de solides résultats pour le troisième trimestre 2024 avec une augmentation de 25% du chiffre d'affaires total, atteignant 72,3 millions de dollars. L'entreprise a réalisé un bénéfice net de 9,9 millions de dollars, contre une perte de 6,2 millions de dollars l'année précédente. L'EBITDA ajusté a augmenté de 34% pour atteindre un record de 42,8 millions de dollars. La croissance a été principalement tirée par les revenus de la capacité de gros, y compris 7,5 millions de dollars en primes basées sur la performance. L'entreprise a relevé sa prévision de chiffre d'affaires pour 2024 à 245-250 millions de dollars, contre 235-250 millions de dollars précédemment, et a également augmenté sa prévision de marge EBITDA ajustée à 54% contre 53%.
Globalstar (NYSE: GSAT) berichtete starke Ergebnisse für das 3. Quartal 2024 mit einem Umsatzanstieg von 25% auf 72,3 Millionen USD. Das Unternehmen erzielte einen Nettogewinn von 9,9 Millionen USD im Vergleich zu einem Verlust von 6,2 Millionen USD im Vorjahr. Bereinigtes EBITDA wuchs um 34% auf 42,8 Millionen USD und erreichte einen Rekordwert. Das Wachstum wurde hauptsächlich durch Einnahmen aus der Großhandelskapazität vorangetrieben, einschließlich 7,5 Millionen USD an leistungsabhängigen Boni. Das Unternehmen hob seine Umsatzprognose für 2024 auf 245-250 Millionen USD von zuvor 235-250 Millionen USD an und erhöhte zudem die Prognose für die bereinigte EBITDA-Marge von 53% auf 54%.
- 25% increase in total revenue to $72.3 million
- Net income improved by $16 million to $9.9 million
- 34% growth in Adjusted EBITDA to $42.8 million
- Raised revenue guidance to $245-250 million
- Increased Adjusted EBITDA margin guidance to 54%
- 5% growth in Commercial IoT service revenue
- FCC approval for 15-year constellation extension
- Lower Duplex and SPOT services revenue due to fewer subscribers
- Higher operating expenses impacting income from operations
- Decreased cash position from $56.7M to $51.9M
- Decline in subscriber equipment sales revenue
Insights
Strong Q3 results show significant momentum with
The improved guidance, raising the revenue floor to
The FCC approval for a 15-year extension of the HIBLEO-4 constellation and authorization for 26 replacement satellites significantly strengthens Globalstar's long-term market position. The expanded service agreements with their largest customer, including provisions for new satellite constellation and enhanced ground infrastructure, indicate strong business momentum in the wholesale consumer segment.
Commercial IoT growth continues with
"Globalstar reported strong third quarter results highlighted by a
Dr. Paul E. Jacobs, Chief Executive Officer, said, “I am pleased with our third quarter results and progress on our long-term growth strategy. I am also extremely proud of the Globalstar team's efforts in response to the tragic events of Hurricanes Helene and Milton, during which we maintained excellent service quality throughout the impacted regions. Globalstar's system was commercially available and able to serve a dramatic increase in usage as numerous users affected by such events were able to access our satellites to request emergency assistance as well as communicate with friends and family."
Dr. Jacobs added, "In support of our mission to provide mainstream satellite connectivity, during the third quarter, the FCC approved our application to extend the term of our senior HIBLEO-4 constellation by an additional 15 years and operate up to 26 replacement satellites. This modification will enable us to continue to provide a variety of essential communications services to our customers.”
Dr. Jacobs concluded, “Building on the foundation of successful execution in our wholesale consumer segment, we recently announced a significant extension of the services agreements with our largest customer. The updated services agreements enable further growth of our mobile satellite services, and include a new satellite constellation, expanded ground infrastructure and increased global mobile satellite services licensing. We are pleased to enter this next phase of growth, and look forward to providing updates on a wide range of activities and initiatives at our upcoming investor day on December 12.”
THIRD QUARTER FINANCIAL REVIEW
Revenue
Total revenue for the third quarter of 2024 was
Higher service revenue of
We also continue to make progress on other strategic initiatives, including XCOM RAN equipment shipments, recognition of fees associated with a proof of concept with a government services company and other engineering contract work.
For our subscriber driven service revenue, Commercial IoT service revenue increased
Income from operations
Income from operations was
Higher cost of services resulted from network operating costs, primarily personnel costs and maintenance. These costs are necessary to support our new and upgraded global ground infrastructure. A significant portion of these costs are reimbursed to us, and this consideration is recognized as revenue when earned in the subsequent year. We currently do not expect the operating costs that support existing Phase 1 services to increase meaningfully beyond current levels. Cost of services also increased due to product development efforts as well as non-cash costs associated with the Support Services Agreement (the “SSA”) we entered into in August 2023 in connection with the XCOM License Agreement.
Stock-based compensation increased from the prior year's third quarter due primarily to restricted stock units ("RSUs") granted in connection with the XCOM License Agreement in September 2023. The total fair value of the RSUs was
Net income (loss)
Net income was
Adjusted EBITDA
Adjusted EBITDA increased
YEAR TO DATE FINANCIAL REVIEW
Revenue
Total revenue was
Service revenue increased
Revenue generated from subscriber equipment sales decreased
Income from operations
Income from operations was
Net income (loss)
Net loss was
Adjusted EBITDA
Adjusted EBITDA increased
Liquidity
As of September 30, 2024, we held cash and cash equivalents of
Operating cash flows include cash receipts from our customers, primarily from the performance of wholesale capacity services, as well as from subscribers for the purchase of equipment and satellite voice and data services. We use cash in operating activities primarily for network costs, personnel costs, inventory purchases and other general corporate expenditures. Investing outflows largely relate to network upgrades for certain vendors, including milestone work under the satellite procurement agreement and the launch services agreement. Financing activities relate primarily to the 2021 and 2023 funding agreements with our largest customer.
FINANCIAL OUTLOOK
We are updating our previously issued financial outlook for full year 2024 with anticipated results below.
-
Total revenue between
$245 million $250 million $235 million $250 million -
Adjusted EBITDA margin of approximately
54% (prior anticipated margin was53% )
CONFERENCE CALL INFORMATION
As previously announced, the Company will host a conference call to discuss its results at 5:00 p.m. Eastern Time (ET) on Thursday, November 7, 2024. Details are as follows:
Earnings Call: |
The earnings call will be available via webcast from the following link.
Webcast Link: https://edge.media-server.com/mmc/p/ssnimn99
To participate in the earnings call via teleconference or to participate in the live Q&A session, participants should register at the following link to receive an email containing the dial-in number and unique passcode.
Participant Teleconference Registration Link:
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Audio Replay: |
For those unable to participate in the live call, a replay of the webcast will be available in the Investor Relations section of the Company's website.
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About Globalstar, Inc.
Globalstar empowers its customers to connect, transmit, and communicate in smarter ways – easily, quickly, securely, and affordably – offering reliable satellite and terrestrial connectivity services as an international telecom infrastructure provider. The Company’s low Earth orbit ("LEO") satellite constellation ensures secure data transmission for connecting and protecting assets, transmitting critical operational data, and saving lives for consumers, businesses, and government agencies across the globe. Globalstar’s terrestrial spectrum, Band 53, and its 5G variant, n53, offer carriers, cable companies, and system integrators a versatile, fully licensed channel for private networks with a growing ecosystem to improve customer wireless connectivity, while Globalstar’s XCOM Radio Access Network ("RAN") product offers significant capacity gains in dense wireless deployments. In addition to SPOT GPS messengers, Globalstar offers next-generation internet of things ("IoT") hardware and software products for efficiently tracking and monitoring assets, processing smart data at the edge, and managing analytics with cloud-based telematics solutions to drive safety, productivity, and profitability.
Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of
For more information, visit www.globalstar.com.
Safe Harbor Language for Globalstar Releases
Certain statements contained in this press release other than purely historical information, including, but not limited to, expectations regarding future revenue, financial performance, financial condition, liquidity, projections, estimates and guidance, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our ability to integrate the licensed technology into our current line of business, our expectations with respect to the pursuit of terrestrial spectrum authorities globally, the success of current and potential future applications for our terrestrial spectrum, our ability to meet our obligations and attain the attempted benefits under the updated services agreements, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, those described under Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in the Company’s other filings with the SEC. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.
GLOBALSTAR, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Service revenue |
$ |
68,908 |
|
|
$ |
53,643 |
|
|
$ |
180,008 |
|
|
$ |
155,245 |
|
Subscriber equipment sales |
|
3,399 |
|
|
|
4,040 |
|
|
|
9,164 |
|
|
|
16,154 |
|
Total revenue |
|
72,307 |
|
|
|
57,683 |
|
|
|
189,172 |
|
|
|
171,399 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) |
|
19,185 |
|
|
|
13,872 |
|
|
|
54,058 |
|
|
|
37,938 |
|
Cost of subscriber equipment sales |
|
2,515 |
|
|
|
3,458 |
|
|
|
6,739 |
|
|
|
13,429 |
|
Marketing, general and administrative |
|
10,439 |
|
|
|
12,090 |
|
|
|
31,438 |
|
|
|
31,843 |
|
Stock-based compensation |
|
8,254 |
|
|
|
4,346 |
|
|
|
26,645 |
|
|
|
10,638 |
|
Reduction in the value of long-lived assets |
|
231 |
|
|
|
35 |
|
|
|
536 |
|
|
|
35 |
|
Depreciation, amortization, and accretion |
|
22,249 |
|
|
|
21,865 |
|
|
|
66,456 |
|
|
|
65,688 |
|
Total operating expenses |
|
62,873 |
|
|
|
55,666 |
|
|
|
185,872 |
|
|
|
159,571 |
|
Income from operations |
|
9,434 |
|
|
|
2,017 |
|
|
|
3,300 |
|
|
|
11,828 |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,403 |
) |
Interest income and expense, net of amounts capitalized |
|
(2,872 |
) |
|
|
(3,945 |
) |
|
|
(10,301 |
) |
|
|
(11,047 |
) |
Foreign currency gain (loss) |
|
4,918 |
|
|
|
(4,151 |
) |
|
|
(3,417 |
) |
|
|
(206 |
) |
Other |
|
186 |
|
|
|
25 |
|
|
|
(605 |
) |
|
|
373 |
|
Total other income (expense) |
|
2,232 |
|
|
|
(8,071 |
) |
|
|
(14,323 |
) |
|
|
(21,283 |
) |
Income (loss) before income taxes |
|
11,666 |
|
|
|
(6,054 |
) |
|
|
(11,023 |
) |
|
|
(9,455 |
) |
Income tax expense |
|
1,732 |
|
|
|
115 |
|
|
|
1,922 |
|
|
|
185 |
|
Net income (loss) |
$ |
9,934 |
|
|
$ |
(6,169 |
) |
|
$ |
(12,945 |
) |
|
$ |
(9,640 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders |
|
7,261 |
|
|
|
(8,842 |
) |
|
|
(20,906 |
) |
|
|
(17,572 |
) |
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.00 |
|
|
$ |
(0.00 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
Diluted |
|
0.00 |
|
|
$ |
(0.00 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
1,892,253 |
|
|
|
1,836,251 |
|
|
|
1,886,377 |
|
|
|
1,820,582 |
|
Diluted |
|
1,910,061 |
|
|
|
1,836,251 |
|
|
|
1,886,377 |
|
|
|
1,820,582 |
|
GLOBALSTAR, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except par value and share data) |
|||||||
(Unaudited) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
51,916 |
|
|
$ |
56,744 |
|
Accounts receivable, net of allowance for credit losses of |
|
43,021 |
|
|
|
48,743 |
|
Inventory |
|
11,877 |
|
|
|
14,582 |
|
Prepaid expenses and other current assets |
|
20,638 |
|
|
|
22,584 |
|
Total current assets |
|
127,452 |
|
|
|
142,653 |
|
Property and equipment, net |
|
617,064 |
|
|
|
624,002 |
|
Operating lease right of use assets, net |
|
34,364 |
|
|
|
34,164 |
|
Intangible and other assets, net of accumulated amortization of |
|
138,681 |
|
|
|
123,490 |
|
Total assets |
$ |
917,561 |
|
|
$ |
924,309 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
34,600 |
|
|
$ |
34,600 |
|
Accounts payable and accrued expenses |
|
34,417 |
|
|
|
28,985 |
|
Accrued satellite construction costs |
|
1,015 |
|
|
|
58,187 |
|
Payables to affiliates |
|
274 |
|
|
|
459 |
|
Deferred revenue, net |
|
46,548 |
|
|
|
53,677 |
|
Total current liabilities |
|
116,854 |
|
|
|
175,908 |
|
Long-term debt |
|
359,759 |
|
|
|
325,700 |
|
Operating lease liabilities |
|
28,554 |
|
|
|
29,244 |
|
Other non-current liabilities |
|
18,301 |
|
|
|
14,478 |
|
Total non-current liabilities |
|
406,614 |
|
|
|
369,422 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Series A Preferred Convertible Stock of |
|
— |
|
|
|
— |
|
Voting Common Stock of |
|
189 |
|
|
|
188 |
|
Additional paid-in capital |
|
2,466,279 |
|
|
|
2,438,703 |
|
Accumulated other comprehensive income |
|
5,552 |
|
|
|
5,070 |
|
Retained deficit |
|
(2,077,927 |
) |
|
|
(2,064,982 |
) |
Total stockholders’ equity |
|
394,093 |
|
|
|
378,979 |
|
Total liabilities and stockholders’ equity |
$ |
917,561 |
|
|
$ |
924,309 |
|
GLOBALSTAR, INC. |
||||||||||||||||
RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (loss) |
|
$ |
9,934 |
|
|
$ |
(6,169 |
) |
|
$ |
(12,945 |
) |
|
$ |
(9,640 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Interest income and expense, net |
|
|
2,872 |
|
|
|
3,945 |
|
|
|
10,301 |
|
|
|
11,047 |
|
Derivative (gain) loss |
|
|
(130 |
) |
|
|
56 |
|
|
|
849 |
|
|
|
(243 |
) |
Income tax expense |
|
|
1,732 |
|
|
|
115 |
|
|
|
1,922 |
|
|
|
185 |
|
Depreciation, amortization, and accretion |
|
|
22,249 |
|
|
|
21,865 |
|
|
|
66,456 |
|
|
|
65,688 |
|
EBITDA (1) |
|
|
36,657 |
|
|
|
19,812 |
|
|
|
66,583 |
|
|
|
67,037 |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-cash compensation |
|
|
8,254 |
|
|
|
4,346 |
|
|
|
26,645 |
|
|
|
10,638 |
|
Foreign exchange (gain) loss and other |
|
|
(4,973 |
) |
|
|
4,070 |
|
|
|
3,175 |
|
|
|
(234 |
) |
Reduction in value of inventory and long-lived assets |
|
|
266 |
|
|
|
35 |
|
|
|
571 |
|
|
|
35 |
|
Non-cash expenses and transaction costs associated with the License Agreement (2) |
|
|
1,844 |
|
|
|
3,743 |
|
|
|
5,455 |
|
|
|
3,743 |
|
Transaction costs |
|
|
757 |
|
|
|
— |
|
|
|
2,571 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,403 |
|
Adjusted EBITDA (1) |
|
$ |
42,805 |
|
|
$ |
32,006 |
|
|
$ |
105,000 |
|
|
$ |
91,622 |
|
(1) |
EBITDA represents earnings before interest, income taxes, depreciation, amortization, accretion and derivative (gains)/losses. Adjusted EBITDA excludes non-cash compensation expense, reduction in the value of assets, foreign exchange (gains)/losses, and certain other non-cash or non-recurring charges as applicable. Management uses Adjusted EBITDA to manage the Company's business and to compare its results more closely to the results of its peers. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to GAAP measurements, such as net income/(loss). These terms, as defined by us, may not be comparable to similarly titled measures used by other companies. |
|
|
The Company uses Adjusted EBITDA as a supplemental measurement of its operating performance. The Company believes it best reflects changes across time in the Company's performance, including the effects of pricing, cost control and other operational decisions. The Company's management uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget. The Company believes that Adjusted EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Adjusted EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the Company's operations. Because Adjusted EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the Company's management does not view Adjusted EBITDA in isolation and also uses other measurements, such as revenues and operating profit, to measure operating performance. |
|
|
|
(2) |
In connection with the License Agreement with XCOM, the Company entered into a Support Services Agreement (the “SSA”) with XCOM. Fees payable by Globalstar pursuant to the SSA were or may be paid in shares of its common stock. Costs also include the initial nonrecurring costs associated with the transaction as well as non-cash intangible asset technology amortization associated with the initial purchase of certain intangible assets made in the form of Globalstar common stock.
|
GLOBALSTAR, INC. |
|||||||||||
SCHEDULE OF SELECTED OPERATING METRICS |
|||||||||||
(In thousands, except subscriber and ARPU data) |
|||||||||||
(Unaudited) |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||
Service revenue: |
|
|
|
|
|
|
|
||||
Subscriber services |
|
|
|
|
|
|
|
||||
Duplex |
$ |
5,955 |
|
$ |
7,978 |
|
$ |
15,675 |
|
$ |
20,088 |
SPOT |
|
10,444 |
|
|
11,350 |
|
|
31,066 |
|
|
33,703 |
Commercial IoT |
|
6,650 |
|
|
6,347 |
|
|
19,803 |
|
|
16,881 |
Wholesale capacity services |
|
43,861 |
|
|
27,517 |
|
|
109,149 |
|
|
83,406 |
Government and other services |
|
1,998 |
|
|
451 |
|
|
4,315 |
|
|
1,167 |
Total service revenue |
|
68,908 |
|
|
53,643 |
|
|
180,008 |
|
|
155,245 |
|
|
|
|
|
|
|
|
||||
Subscriber equipment sales |
|
3,399 |
|
|
4,040 |
|
|
9,164 |
|
|
16,154 |
|
|
|
|
|
|
|
|
||||
Total revenue |
$ |
72,307 |
|
$ |
57,683 |
|
$ |
189,172 |
|
$ |
171,399 |
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||
Average subscribers |
|
|
|
|
|
|
|
||||
Duplex |
|
26,535 |
|
|
33,501 |
|
|
27,899 |
|
|
35,143 |
SPOT |
|
242,134 |
|
|
258,485 |
|
|
245,592 |
|
|
262,818 |
Commercial IoT |
|
512,260 |
|
|
477,344 |
|
|
506,657 |
|
|
472,812 |
Other |
|
286 |
|
|
376 |
|
|
298 |
|
|
391 |
Total |
|
781,215 |
|
|
769,706 |
|
|
780,446 |
|
|
771,164 |
|
|
|
|
|
|
|
|
||||
ARPU (1) |
|
|
|
|
|
|
|
||||
Duplex |
$ |
74.81 |
|
$ |
79.38 |
|
$ |
62.43 |
|
$ |
63.51 |
SPOT |
|
14.38 |
|
|
14.64 |
|
|
14.05 |
|
|
14.25 |
Commercial IoT |
|
4.33 |
|
|
4.43 |
|
|
4.34 |
|
|
3.97 |
(1) |
Average monthly revenue per user ("ARPU") measures service revenues per month divided by the average number of subscribers during that month. Average monthly revenue per user as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of operations. The Company believes that average monthly revenue per user provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107317312/en/
Investor Contact Information:
investorrelations@globalstar.com
Source: Globalstar, Inc.
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