Core Insights - Globalstar is enhancing its 5G architecture with the XCOM RAN solution, focusing on mission-critical applications and high-value sectors such as warehouse automation and logistics [1][5] - The company is leveraging its spectrum resource, Band n53, which is currently deployed in 12 countries and serves approximately 1 billion people, to support 5G innovation [2] - Globalstar's financial outlook is optimistic, with projected revenues exceeding $495 million and adjusted EBITDA margins surpassing 54% in the coming years [8][19] Company Developments - Globalstar held its Investor Day 2024, highlighting its core assets and technological capabilities, and setting robust financial targets [4] - The company is expanding its Mobile Satellite Services (MSS) and has enhanced service agreements with wholesale customers, ensuring it retains 100% of terrestrial and MSS revenues [3][7] - The Commercial IoT segment is a key growth driver, currently serving 481,000 active devices and generating $23 million in annual service revenues in 2023, with a total addressable market (TAM) of $2.4 billion [6] Market Position and Strategy - Globalstar is well-positioned in the consumer and commercial IoT segments, with partnerships enhancing its ability to deliver advanced satellite services [9] - The company aims to cover 25% of the TAM in sectors like Manufacturing and Warehousing, with a projected compound annual growth rate (CAGR) of 30% from 2025 to 2030 [15] - Globalstar's government and wholesale partnerships, including a recent collaboration with Parsons, strengthen its market position [17] Financial Performance - Globalstar's shares have increased by 84% over the past six months, outperforming the industry growth of 26.9% [10] - The company anticipates its revenues to more than double in the first year of launching expanded Satellite Services, with improved EBITDA margins [18] - For 2024, Globalstar reconfirmed its revenue guidance of $245-250 million, with an adjusted EBITDA margin of 54%, and expects revenues of $260-285 million in 2025 [19]

Core Insights - Globalstar, Inc. has partnered with Hawk Networks to enhance access to its Band 53 spectrum, facilitating a more efficient and flexible approach for network operators to expand their networks [1][2] - The partnership aims to eliminate delays and complexities in traditional spectrum procurement, allowing operators to quickly position networks to meet rising connectivity demands [2][3] Company Developments - Hawk Networks emphasizes that this partnership represents a significant shift in making spectrum available as needed, which accelerates innovation and deployment in the telecom sector [3] - Globalstar's Band 53 spectrum is characterized by reliability, extensive coverage, and flexibility, making it suitable for various applications including fixed wireless broadband, IoT systems, and autonomous vehicles [3][5] - The company has recently completed its first 5G data call on the Band n53 spectrum, achieving download speeds of 100 Mbps and upload speeds of 60 Mbps, which supports advanced applications like robotics and augmented reality [7] Market Position - Globalstar is positioning itself as a leader in private wireless networks, with its Band 53 spectrum being a preferred choice for carriers and system integrators as demand for private LTE and 5G networks increases [5] - The company has partnered with Liquid Intelligent Technologies to grant exclusive distribution rights for its XCOM RAN 5G private network solution in high-growth markets, potentially including Band 53 spectrum and IoT solutions [6] Performance Metrics - Globalstar's shares have increased by 71.3% over the past six months, significantly outperforming the industry growth of 26.9% [8]

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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) 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 ...