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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 do Brasil Ltda., a subsidiary of Globalstar (NYSE: GSAT), has partnered with Cisa Trading to enhance asset management solutions in Brazil's oil and gas sector. Their collaboration has improved operations for a major oil company, utilizing Globalstar SmartOne Solar devices for satellite tracking of 4,400 containers in remote areas. These solar-powered devices promise efficiency and low maintenance over a decade. The partnership aims to expand Globalstar's IoT business, capitalizing on Brazil's increasing crude oil exports and potential market growth.
Globalstar (NYSE American: GSAT) has successfully exercised all remaining warrants issued to second lien lenders, generating $47.3 million in equity. This capital raised fulfills its loan agreement requirement to secure a minimum of $45 million by March 30, 2021. The proceeds will be allocated towards repaying principal outstanding under the first lien loan, lowering the remaining principal to approximately $84 million. CEO Dave Kagan emphasized the importance of this milestone and highlighted the company's strong liquidity position and opportunities for refinancing to reduce borrowing costs.
Globalstar (GSAT) announced its Q4 2020 and annual financial results, highlighting a 4% revenue increase to $36.3 million in Q4 and a 1% increase to $128.5 million for the year. Service revenue rose 9% in Q4, driven by engineering services. Gross subscriber activations were up 22% in Q4. However, there was a net loss of $21.7 million for Q4 and $109.6 million for the year, influenced by non-cash items. The company is focusing on expanding its terrestrial spectrum and IoT markets. Globalstar anticipates generating $43.7 million through warrant exercises, aiding debt obligations.
SPOT, LLC, a subsidiary of Globalstar (GSAT), announces a partnership with Jeep Jamboree USA as an official sponsor. This collaboration enhances connectivity for off-road enthusiasts in remote areas through SPOT’s satellite messaging and emergency notification technology. SPOT's services, crucial for safety, include messaging, tracking, and 24/7 S.O.S. emergency response, having facilitated over 7,500 rescues globally. SPOT will have a presence at Jeep events, providing GPS devices to enhance safety and connectivity for attendees.
Globalstar (NYSE American: GSAT) has formed a strategic alliance with XCOM Labs to enhance 5G deployments using XCOM's technology and Globalstar's Band n53 spectrum. This partnership aims to commercialize capacity-multiplying technology in dense environments like airports and arenas, targeting improved wireless performance for future mobile applications. The alliance is expected to leverage XCOM's expertise in wireless technology to maximize the value of Globalstar's spectrum assets.
Globalstar, Inc. (GSAT) announced that Qualcomm has integrated Globalstar's Band n53 into its new 5G X65 modem. This partnership marks a significant milestone in Globalstar's efforts to commercialize its spectrum across the US and other regions. The X65 will enhance mobile broadband, industrial IoT, and fixed wireless applications by expanding device compatibility and spectrum options. Globalstar's executives emphasized the importance of this collaboration in driving their terrestrial spectrum commercialization forward.
Globalstar, Inc. (NYSE American: GSAT) has announced senior leadership changes to enhance growth in the Commercial IoT sector. Jim Mandala has been appointed Vice President of Commercial IoT Sales, bringing 15 years of experience with the company and a solid background in various markets. His focus will be on expanding sales and partnerships in the IoT business, expected to boost revenue growth. Additionally, Chris Gray will join Mandala's team to support IoT development and maintain the reseller base. David Kagan, CEO, expressed confidence in Mandala's leadership to drive success.
SPOT LLC, a subsidiary of Globalstar (NYSE American: GSAT), has partnered with Battlbox to provide its subscribers with the SPOT Gen4 satellite GPS Messenger, including up to 6 months of service. The SPOT Gen4, designed for safety and connectivity, has features like an IP68 rating and enhanced mapping capabilities. With nearly 7,500 rescues attributed to SPOT technology, the product aims to support outdoor enthusiasts. Retail pricing for the device starts at $149.99, with service plans from $11.95 per month.
Globalstar, Inc. (NYSE American: GSAT) announced a commercial agreement with Ceres Tag to provide satellite services for livestock using a smart ear tag for enhanced traceability and monitoring. This tag is lightweight, requires no infrastructure, and has a lifespan matching that of the animal. Ceres Tag's platform aims to improve livestock production and health monitoring. The partnership positions Globalstar as a major player in LEO satellite IoT solutions, targeting the expansive livestock market. Initial product launch is set for May 1, 2021, focusing on Australia/New Zealand and North America.
Globalstar (NYSE American: GSAT) has partnered with Nokia and Tideworks Technology to implement Band 53 spectrum at the Port of Seattle, Terminal 5. This marks their second collaboration at a U.S. port. Executive Chairman Jay Monroe highlighted that Band 53 offers enhanced security and performance, requiring fewer access points than traditional Wi-Fi. Globalstar’s Band 53 ecosystem aims to provide partners and customers with secure and reliable wireless solutions globally.
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