Globalstar - GSAT STOCK NEWS

Globalstar (NYSE American: GSAT) announced its Q2 2024 financial results, showcasing record revenue driven by growth in wholesale capacity services and new business initiatives.

Total revenue increased by 10% to $60.4 million, and service revenue rose by 18%, reaching $9.0 million. Commercial IoT service revenue hit $6.7 million, a 25% year-over-year increase. However, subscriber equipment sales fell by $3.7 million.

Adjusted EBITDA increased by 20% to $32.6 million, while the company recorded a net loss of $9.7 million, compared to a net income of less than $0.1 million in Q2 2023. Higher operational costs contributed to this loss.

Globalstar raised its full-year revenue guidance to a range of $235 million to $250 million and adjusted EBITDA margin to 53%.

Globalstar, Inc. (NYSE American: GSAT) has announced that it will release its second quarter 2024 financial and operating results on Thursday, August 8, 2024, before the market opens. The company will also conduct a conference call on the same day at 9:00 a.m. Eastern Time to discuss these results.

Investors and interested parties can access the earnings call via a webcast or participate through a teleconference. The webcast link and teleconference registration link have been provided. For those unable to join the live call, a replay of the webcast will be available in the Investor Relations section of Globalstar's website.

Globalstar, Inc. (NYSE American: GSAT) reported strong financial results for Q1 2024, exceeding expectations with total revenue higher sequentially and year-over-year. The company re-iterated its full-year 2024 revenue and Adjusted EBITDA guidance. Significant progress was made on new initiatives driving future revenue growth, including government contracts, new technology testing, and commercial product shipments. Operational highlights include testing XCOM RAN products, customer wins, and advancements in satellite services. Financially, service revenue increased with a government services agreement, while subscriber equipment sales revenue declined. Loss from operations was driven by higher expenses and lower equipment revenue, leading to a net loss increase. Adjusted EBITDA slightly decreased, and liquidity remains stable with cash and cash equivalents of $59.3 million as of March 31, 2024.

Globalstar, Inc. (NYSE American: GSAT) will announce its first quarter 2024 financial results on May 8, 2024. The earnings call will be held at 5:00 p.m. ET on the same day. Details for participation are provided.

Globalstar, Inc. (GSAT) celebrates a milestone of 10,000 rescues with their SPOT satellite messengers, highlighting the importance of satellite messaging for safety. SPOT devices have been instrumental in providing emergency support globally, with one-touch SOS capabilities enabling rapid response in life-threatening situations. The company's commitment to safety and preparedness is evident in their product portfolio, emphasizing the need for connectivity in remote areas. A recent survey by SPOT reveals a growing interest in adventure travel to isolated destinations.

Globalstar, Inc. (NYSE American: GSAT) will participate in upcoming investor conferences, including the B. Riley Securities 24th Annual Institutional Investor Conference on May 22, 2024, and TD Cowen’s 52nd Annual Technology, Media & Telecom Conference on May 29, 2024. The Company's executive team will be present, and a webcast link will be provided before the events.

Globalstar, Inc. (GSAT) reports record annual revenue of $224 million, a 50% increase year-over-year. Recent achievements include major retailer orders for XCOM RAN systems and revenue from Band 53 deployment through Nokia. Operating cash flows have increased, allowing for investments in key initiatives.

Globalstar, Inc. (GSAT) launches XCOM RAN, a high-capacity radio access network for 5G applications, offering 4x increased capacity gains over traditional systems. The technology eliminates handoff boundaries, scales easily, and is chosen by a major global retailer for deployment. XCOM RAN supports industrial automation, stadium streaming, enterprise, mining, and extended reality applications, meeting high-performance requirements.

Globalstar, Inc. (GSAT) will announce its Q4 and annual 2023 financial results on February 28, 2024. A conference call will be held to discuss the results.