Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach to risk and potential returns [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] Stock Selection Criteria - The investor screens through thousands of stocks, primarily in the US, looking for those that have undergone recent sell-offs, particularly when insiders are purchasing shares at lower prices [1] - Professional background checks are conducted on insiders who buy shares post-sell-off, adding a layer of due diligence to the investment process [1] Technical Analysis - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts, employing multicolor lines for clarity [1] - Trend lines are drawn in multicolor patterns to assist in visualizing market movements and potential price actions [1]

Core Viewpoint - Globalstar's stock experienced a significant rebound after a partnership expansion with Apple, which has drawn renewed investor interest despite a prior decline in share value [1][3]. Company Overview - Globalstar is a mobile satellite services (MSS) company that utilizes low earth orbit (LEO) satellites and ground infrastructure to provide mobile phone services, particularly in remote areas lacking standard cell coverage [4]. - The company generates 95% of its revenue from communications services, with 49% of its revenue in 2023 coming from Apple [5]. Partnership with Apple - Globalstar's initial partnership with Apple began in 2022, allowing iPhone 14 and newer models to send emergency texts outside regular cell networks, supported by a $450 million investment from Apple to enhance infrastructure [6]. - The recent expansion of this partnership includes an additional investment of up to $1.5 billion from Apple, which consists of a $1.1 billion cash payment and a 20% equity stake in Globalstar's subsidiary [6][7]. Financial Outlook - The expanded partnership is expected to significantly increase Globalstar's annual revenue, potentially more than doubling it compared to 2024, along with an improvement in EBITDA margins [7]. - Analysts suggest that the timeline for realizing these revenue increases could take two to three years, with no specific details provided by Globalstar management [8]. Market Position and Competition - Globalstar's stock currently has a price target of $5, indicating a potential upside of 170% from its current price [2][9]. - The company is positioned to compete with U.S. telecoms like T-Mobile, Verizon, and AT&T, which are also entering the satellite service market [9][10]. Investment Considerations - Globalstar's price-to-sales ratio is approximately twice that of AST SpaceMobile, although this does not factor in future revenue increases from the Apple deal [10]. - An Investor Day is scheduled for December 12, which may provide further insights into the company's prospects and stock valuation [10].

Core Insights - Seeking Alpha introduces "The Undercovered Dozen," a weekly feature highlighting twelve actionable investment ideas that are less covered in the market [1] Group 1: Inclusion Criteria - The criteria for being classified as "undercovered" include a market capitalization greater than $100 million, over 800 symbol page views in the last 90 days, and fewer than two articles published in the past 30 days [1] Group 2: Investment Ideas - The investment ideas presented can range from "boring" large-cap stocks to promising small-cap companies, providing a diverse range of opportunities for investors [1]

Financial Data and Key Metrics Changes - Globalstar reported a 25% increase in total revenue year-over-year, reaching a record $72 million for Q3 2024 [6] - Service revenue increased by 28%, primarily driven by wholesale capacity revenue, including a one-time item of $7.5 million [6] - Adjusted EBITDA rose by 34%, with a margin of 59%, up from 55% in the prior year's third quarter [7] - The company ended the quarter with $52 million in cash and maintained a healthy leverage ratio of 2.9 times [8] - Full-year 2024 revenue guidance was raised to a range of $245 million to $250 million, with adjusted EBITDA margin guidance increased to 54% [9] Business Line Data and Key Metrics Changes - The company operates in various business categories, including consumer wholesale, consumer retail, government, commercial IoT, XCOM RAN, and n53 licensing [15] - Wholesale services are growing in both government and consumer sectors, with ongoing proof of concept for government customers [18] - Alpha stage testing for the complete system supporting consumer retail and commercial IoT is underway, with beta testing expected in the upcoming quarter [19] Market Data and Key Metrics Changes - The FCC approved an extension of Globalstar's existing authorization, allowing operation of up to 26 replacement satellites, enhancing its leadership in mobile satellite services [13][14] - A strategic partnership with Liquid Intelligent Technologies was announced, granting exclusive distribution rights for XCOM RAN private network 5G access solutions in high-growth markets [20] Company Strategy and Development Direction - The recent deal extends services with the largest customer and includes a new satellite constellation and expanded ground infrastructure [4][16] - The company aims to enhance capabilities in mobile satellite services and is focused on long-term shareholder value creation [17] - Strategic actions and technology developments are expected to propel the company into a new growth phase [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, citing strong demand and growth through the first nine months of the year [9] - The company is well-positioned to meet growing commercial demand and continue providing critical mobile satellite connectivity worldwide [15] - Management highlighted the importance of their network during recent natural disasters, showcasing the critical need for communication services [12] Other Important Information - The new agreement will impact the company's financial and capital structure, including capital for the new MSS network and refinancing of existing notes [8] - The company plans to provide updates on its long-term growth strategy at the upcoming Investor Day on December 12 [10] Q&A Session Summary Question: Can you quantify the network usage during the hurricanes? - Management indicated that while they saw a significant increase in network usage, quantifying it in terms of power transmitted was not useful [26] Question: When will customer interest in the new satellite constellation begin? - Discussions regarding the new constellation have started, but specifics on capabilities and services are still being finalized [29] Question: What is the status of contracting for the new satellites? - The company is already working on the new satellites, but specifics on vendors and timelines have not been disclosed [32] Question: How will the new deal impact cash flow? - The deal is funded by a $1.1 billion infrastructure prepayment and a $400 million sale of equity, with cash inflows expected to occur quickly during the construction period [36] Question: What is the progress on the global retail customer? - The company is upgrading capabilities as required by the customer and is in a good position to move forward, pending the customer's internal processes [45]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33117 GLOBALSTAR, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 41-2116508 (State or Other Jurisdicti ...

Globalst GLOBALSTAR ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS Covington, LA, November 7, 2024 -- Globalstar, Inc. (NYSE American: GSAT) ("Globalstar" or the "Company") today announced its financial results for the third quarter ended September 30, 2024. "Globalstar reported strong third quarter results highlighted by a 25% increase in total revenue. Net income and Adjusted EBITDA both benefited significantly from the increase in high-margin revenue with a favorable fluctuation in net income of $16 mill ...

Globalstar's (NYSE: GSAT ) share price has bounced significantly higher in recent days after the company announced a significant expansion of its relationship with Apple ( AAPL ). While this is a positive, I continue to think that Globalstar's future willRichard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by identif ...

Globalstar (GSAT) came out with a quarterly loss of $0.01 per share in line with the Zacks Consensus Estimate. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this satellite communications company would post a loss of $0.01 per share when it actually produced a loss of $0.01, delivering no surprise. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Globalstar, which ...

Revenue Growth - Total revenue increased 10% to $60.4 million in Q2 2024 compared to Q2 2023, driven by an 18% increase in service revenue to $9.0 million, primarily from wholesale capacity services[2] - Total revenue for Q2 2024 increased to $60.385 million, up from $55.072 million in Q2 2023, representing a 9.6% growth[20] - Total revenue for Q2 2024 reached $60.385 million, a 9.6% increase from $55.072 million in Q2 2023[30] Service Revenue - Service revenue for Q2 2024 rose to $57.635 million, an 18.5% increase compared to $48.648 million in Q2 2023[20] - Total service revenue for Q2 2024 increased to $57.635 million, up from $48.648 million in Q2 2023, reflecting an 18.5% growth[30] - Wholesale capacity services revenue surged to $34.7 million in Q2 2024, a 36.2% increase compared to $25.478 million in Q2 2023[30] - Commercial IoT revenue grew by 25.4% to $6.716 million in Q2 2024 from $5.356 million in Q2 2023[30] - SPOT service revenue slightly declined to $10.379 million in Q2 2024 from $11.039 million in Q2 2023, a 6% decrease[30] - Engineering and other services revenue more than doubled to $875,000 in Q2 2024 from $416,000 in Q2 2023, a 110.3% increase[30] Commercial IoT Performance - Commercial IoT service revenue reached a record high of $6.7 million in Q2 2024, a 25% increase from the prior year, driven by subscriber growth and higher ARPU[3] - Commercial IoT gross subscriber activations increased 20% from Q1 2024 to Q2 2024, expected to contribute to future service revenue growth[3] - Average subscribers for Commercial IoT increased to 508,518 in Q2 2024, up 9% from 466,609 in Q2 2023[31] - ARPU for Commercial IoT rose to $4.40 in Q2 2024, a 14.9% increase from $3.83 in Q2 2023[31] Subscriber Growth - Gross SPOT subscriber activations increased nearly 40% from Q1 2024 to Q2 2024, more than double the activity from the same periods in the prior year[4] - Total average subscribers increased to 782,895 in Q2 2024, up 2.5% from 763,702 in Q2 2023[31] Financial Performance - Adjusted EBITDA increased 20% to $32.6 million in Q2 2024 compared to $27.0 million in Q2 2023, driven by high-margin service revenue[7] - Adjusted EBITDA for Q2 2024 was $32.561 million, up from $27.042 million in Q2 2023, reflecting a 20.4% increase[26] - Net loss was $9.7 million in Q2 2024 compared to net income of less than $0.1 million in Q2 2023, primarily due to higher operating expenses and unfavorable foreign currency fluctuations[7] - Net loss for Q2 2024 was $9.683 million, compared to a net income of $9 thousand in Q2 2023[20] Cash and Liquidity - Cash and cash equivalents increased to $64.3 million as of June 30, 2024, compared to $56.7 million as of December 31, 2023[11] - Cash and cash equivalents as of June 30, 2024, stood at $64.334 million, compared to $56.744 million at the end of 2023[22] - Total current assets as of June 30, 2024, were $144.010 million, slightly up from $142.653 million at the end of 2023[22] Debt and Equity - Long-term debt increased to $358.525 million as of June 30, 2024, from $325.700 million at the end of 2023[23] - Total stockholders' equity as of June 30, 2024, was $382.975 million, compared to $378.979 million at the end of 2023[24] Expenses - Stock-based compensation expense for Q2 2024 was $9.164 million, significantly higher than $2.532 million in Q2 2023[20] - Depreciation, amortization, and accretion expenses for Q2 2024 were $22.110 million, slightly up from $21.890 million in Q2 2023[20] Subscriber Equipment Sales - Revenue from subscriber equipment sales decreased $3.7 million in Q2 2024 compared to Q2 2023, primarily due to timing of Commercial IoT and SPOT device sales[4] - Subscriber equipment sales dropped to $2.75 million in Q2 2024, a 57.2% decrease from $6.424 million in Q2 2023[30] Guidance and Future Outlook - The company raised its 2024 revenue guidance to $235 million to $250 million, up from the prior range of $225 million to $250 million, and projected Adjusted EBITDA margin to 53% from 50%[1][16] - The company is progressing with the proof of concept for government services and validating XCOM RAN in customer Micro Fulfillment Centers, demonstrating its ability to support mission-critical requirements[1]

Revenue Performance - Total revenue for the three months ended March 31, 2024, decreased to $56.5 million from $58.6 million for the same period in 2023, representing a decline of approximately 3%[89] - Wholesale capacity services accounted for 56% of total revenue in Q1 2024, up from 52% in Q1 2023, indicating a growing reliance on this segment[81] - Commercial IoT service revenue increased by 24% year-over-year for Q1 2024, driven by higher average subscribers and ARPU[97] - Duplex service revenue decreased by $1.0 million, or 17%, for Q1 2024 compared to Q1 2023, attributed to churn exceeding gross activations[95] - SPOT service revenue decreased by 9% for Q1 2024 compared to Q1 2023, impacted by lower equipment sales due to supply chain issues[96] Subscriber Growth - The number of subscribers increased to approximately 781,000 as of March 31, 2024, compared to 765,160 in the same period of 2023, reflecting a growth of about 2%[84] - The average revenue per user (ARPU) for Duplex increased to $54.18 in Q1 2024 from $52.35 in Q1 2023, indicating improved pricing strategies[93] Operating Expenses - Total operating expenses increased 19% to $61.2 million for Q1 2024 from $51.5 million in Q1 2023[99] - Cost of services rose by $4.9 million in Q1 2024, driven by network expansion and increased personnel costs of $1.9 million[100] - Marketing, General and Administrative (MG&A) expenses increased by $1.0 million in Q1 2024, primarily due to higher legal and professional fees[101] - Stock-based compensation expense increased by $5.5 million in Q1 2024, attributed to 44.5 million restricted stock units granted to executives[102] Cash Flow and Financing - Net cash provided by operating activities was $29.8 million in Q1 2024, up from $22.8 million in Q1 2023[111] - Net cash used in investing activities decreased to $54.2 million in Q1 2024 from $71.6 million in Q1 2023, mainly due to reduced payments to MDA[112] - Net cash provided by financing activities was $27.1 million in Q1 2024, compared to $37.1 million in Q1 2023[113] - As of March 31, 2024, cash and cash equivalents totaled $59.3 million, up from $56.7 million at the end of 2023[108] - The principal amount of debt outstanding increased to $434.5 million as of March 31, 2024, from $398.7 million at the end of 2023[108] - The company intends to use proceeds from the 2023 Funding Agreement, totaling $37.7 million, to fund satellite procurement and related costs[115] Strategic Initiatives - The company entered into a one-year $2.5 million proof of concept phase with a government services company in February 2024, which could escalate to $20 million in annual minimum revenue commitments by the fifth year[98] - The company has a satellite procurement agreement to acquire between 17 to 26 new satellites, with delivery expected by 2025[77] - The company has terrestrial licenses in 11 countries, representing approximately 10.3 billion MHz-POPs, enhancing its market opportunities[87]