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) recently joined forces with Global Telecom, Alliance and Hawk Networks to deliver enhanced connectivity in the United States through the integration of Band 53 and the Citizens Broadband Radio Service (CBRS). The initiative aims to support high-value applications and ensure smooth, reliable wireless coverage that modern enterprises demand. Global Telecom, recognized for its expertise in carrier aggregation, was the first to create modules that support Band 53 along with other spectrums lik ...

Globalstar (GSAT) recently joined forces with Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, to deliver reliable and high-speed 5G connectivity across Africa, the Middle East and the Gulf, particularly in sectors like mining and high-end enterprise markets. As part of Cassava Technologies' business, Liquid Intelligent Technologies is known for providing digital infrastructure across Africa, with a 110,000 km-long fiber broadband network and satellite connectivity that ensures high-sp ...

Globalstar (GSAT) recently announced that the U.S. Federal Communications Commission ("FCC") has granted the company an additional 15-year extension of its senior HIBLEO-4 authorization. This order not only extends the operational term of Globalstar's existing satellite and communications solutions but also permits the company to deploy up to 26 replacement satellites. The FCC's extension allows Globalstar to continue operating within its licensed portion of the Big LEO Band. This ensures that the company w ...

Globalstar, Inc. (NYSE:GSAT) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET Company Participants Paul Jacobs - CEO Rebecca Clary - VP and CFO Conference Call Participants Mike Crawford - B. Riley Securities Logan Lillehaug - Craig-Hallum Operator Good day, and thank you for standing by. Welcome to the Globalstar Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised, that today's conference call is being recorded. I would now like to turn the conference over to R ...

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 ...

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 June 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 Jurisdiction of ...

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]