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Globalstar Inc. (GSAT)) delivers critical mobile satellite communications services worldwide, providing essential connectivity where traditional networks falter. This dedicated news hub offers investors and professionals a centralized source for tracking the company’s latest developments.
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Globalstar, Inc. (NYSE American: GSAT) has appointed Dave Haight as vice president of IoT, reinforcing its commitment to expand in the IoT sector. Haight brings extensive experience, previously leading IoT development at AT&T, where he significantly grew the business. His focus will be on enhancing Globalstar's satellite-based IoT offerings, targeting large-scale customers. This announcement follows Globalstar's plans for a new satellite fleet aimed at strengthening operations and ensuring long-term growth.
Globalstar, Inc. (GSAT) reported its fourth quarter and annual results for 2021, revealing total revenue of $124.3 million, down 3% year-over-year. Service revenue decreased by $6.7 million due to lower engineering revenue and Duplex subscribers, although Commercial IoT service revenue grew by 5%. The company announced a $327 million satellite procurement agreement to enhance its mobile satellite services. Net loss for the fourth quarter was $24 million, contributing to a total annual loss of $112.6 million. Adjusted EBITDA for Q4 increased by 26% to $12.4 million.
Rocket Lab has secured a groundbreaking
Globalstar (NYSE American: GSAT) announced a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation to acquire 17 new satellites for $327 million. These satellites will enhance the lifespan of Globalstar’s existing constellation and provide services to both existing and new customers. A potential customer will reimburse 95% of the capital expenditures related to these satellites. The satellites are expected to be delivered by 2025, with additional options for up to nine more satellites at $11.4 million each.
Globalstar, Inc. (GSAT) is set to announce its fourth quarter and annual 2021 financial results on February 24, 2022, after market close. The company is known for its SPOT Satellite GPS Messenger and operates a low-earth orbit (LEO) satellite constellation that provides connectivity and safety solutions across 120 countries. Its offerings include IoT products, cloud-based telematics solutions, and various GPS messaging devices, aimed at enhancing safety and operational efficiencies for consumers and businesses.
Globalstar Inc. (GSAT) announced its collaboration with the University of Toronto Trash Team to study plastic pollution in Lake Ontario using its innovative SmartOne C Satellite Trackers. This project, part of the Tagging Trash Project, aims to track the movement of plastic litter to identify sources and accumulation zones. Initial results will be shared in a webinar on November 23, 2021. The partnership highlights Globalstar's commitment to environmental solutions through its IoT satellite technology, which is critical for monitoring and managing remote assets.
Globalstar, Inc. (GSAT) announced third-quarter 2021 results, highlighting a revenue increase in SPOT and Commercial IoT services. SPOT activations rose 17% year-over-year, with total subscriber base exceeding pre-COVID levels at approximately 275,000. Revenue from Commercial IoT equipment sales surged about 50%, despite a decline in Duplex service revenue. The company reported an operating loss of $14.7 million and a net loss that increased by $5.9 million. Cash and cash equivalents totaled $11.3 million as of September 30, 2021.
Globalstar (NYSE: GSAT) reported its Q2 2021 financial results, showing a slight decline in total revenue compared to Q2 2020, with service revenue affected by fewer Duplex subscribers. Notably, SPOT activations increased by 33%, and commercial IoT equipment sales doubled, indicating future service revenue potential. The company has reduced its net first lien debt to under $50 million and achieved a net loss of $16 million, slightly higher than the previous year. Despite challenges, including a decrease in ARPU, Globalstar remains optimistic about new opportunities in the Commercial IoT space.
Globalstar (NYSE American: GSAT) announced a partnership with FocusPoint International Inc. to offer the Global Overwatch & Rescue™ Plan for crisis assistance to its customers. This plan includes travel medical services, security assistance, and no-cost evacuations for annual plan users. Available immediately for $24.95 per year, it aims to enhance safety for Globalstar and SPOT customers traveling in hazardous conditions. CEO David Kagan highlighted the service's value for users involved in extreme sports and frequent travel.
SPOT LLC, a subsidiary of Globalstar (GSAT), has partnered with Desert Vets Racing, a non-profit organization founded by military veterans. This partnership aims to enhance communication and safety for off-road racing participants in remote areas. SPOT provides critical goods and services, including satellite messaging devices that have facilitated nearly 7,500 rescues to date. The initiative supports veterans and active-duty personnel by promoting team building and mental health through racing activities, with all travel and lodging costs covered for participants.
