Globalstar, Inc. (NYSE:GSAT) Q1 2024 Earnings Conference Call May 8, 2024 5:00 PM ET Company Participants Rebecca Clary - VP and CFO Kyle Pickens - VP, Strategy Jay Monroe - Executive Chairman Conference Call Participants Simon Flannery - Morgan Stanley Mike Crawford - B. Riley Securities George Sutton - Craig-Hallum Charles Morris - Greenhouse Lyman Delano - Beck Mack & Oliver Operator Good afternoon, ladies and gentlemen. And welcome to the Globalstar 1Q 2024 Earnings Conference Call. At this time, all li ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 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 o ...

GLOBALSTAR ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS AND OPERATIONAL UPDATES Covington, LA, May 8, 2024 -- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the first quarter ended March 31, 2024. Rebecca Clary, Chief Financial Officer, commented, “We are pleased with our financial results for the first quarter, which generally exceeded our expectations with total revenue higher on a sequential basis as well as compared to the prior year quarterly average. A ...

(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 1351 Holiday Square Blvd. Covington, Louisiana 70433 (Address of Principal Executive Offices) Registrant's Telephone Number, Including Area Code (985) 335-1500 Securities registered pursuant to section 12(b) of the Act: Title of each class Trading Symbol Common Stock, par value $0.0001 per share GSAT NYSE American ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Y ...

Financial Data and Key Metrics - Total revenue for 2023 was $224 million, a 51% increase YoY, driven by higher wholesale capacity service revenue [51] - Adjusted EBITDA for 2023 was $117 million, a 100%+ increase YoY, with a margin of 52%, up from 39% in 2022 [17] - Cash at year-end 2023 was $56.7 million, a 77% YoY increase, with net leverage under 3x [18] - 2024 revenue guidance is between $225 million and $250 million, with an adjusted EBITDA margin of approximately 50% [53] Business Line Data and Key Metrics - Wholesale satellite business saw significant growth, with new partnerships and a $20 million annual revenue commitment from a government services company [11][27] - Commercial IoT revenue grew 17% in 2023, with gross subscriber activations up 8% and ARPU increasing due to higher usage and unlimited plans [78][79] - Terrestrial spectrum initiatives, including a $1.5 million order from a major U.S. retailer, are expected to drive future growth [15][55] Market Data and Key Metrics - The total addressable market (TAM) for LEO capacity is increasing, driven by demand for new consumer capabilities and IoT applications [9] - The IoT B2B TAM is expected to grow to $10.4 billion annually by 2035, presenting a significant opportunity for the company [78] Company Strategy and Industry Competition - The company is leveraging its bent-pipe architecture to upgrade technologies on the ground without significant CapEx, providing flexibility to respond to market changes [12] - Strategic focus on four pillars: wholesale satellite, legacy products, IoT, and terrestrial spectrum, with a strong emphasis on innovation and differentiation [26][27][29] - Partnerships with Nokia and XCOM Labs are driving new opportunities in terrestrial spectrum and 5G technology [14][32] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about 2024 and beyond, with new satellites under construction to enhance the constellation and drive capacity growth [9][70] - The company is investing in new initiatives, including IoT and terrestrial spectrum, to create a virtuous cycle of innovation and differentiation [25][37] - The company expects to continue growing its wholesale business and expanding its IoT capabilities, supported by a strong financial position [16][18] Other Important Information - The company has a new government services partnership with a minimum revenue commitment of $20 million annually over a 5-year term [11] - The first commercial order for XCOM RAN systems from a major U.S. retailer is expected to be fulfilled in 2024, with potential for material commercial scale [15] Q&A Session Summary Question: Initial deployment for a major U.S.-based retailer and Band 53 spectrum [38] - The company is working on multi-band radio units to support Band 53, which will be a competitive differentiator for private network customers [55] - The value of the spectrum will be demonstrated through its integration with XCOM RAN technology, creating significant opportunities [57] Question: Terrestrial spectrum lease and Nokia radios [44] - The Nokia deployment is mission-critical, with a focus on reliability in complex environments, and future potential for increased throughput [45] - No incremental CapEx is required for the network services agreement, as the existing satellite constellation can support the growth [64] Question: Future weighting of the four pillars of value [48] - Management is particularly excited about the terrestrial and IoT opportunities, with the potential to scale significantly in the IoT space [66][67] Question: FCC's initial proposal on satellite-to-ground spectrum [49] - The company is monitoring the FCC's proposal and sees potential for new services, leveraging its global spectrum and relationships with cellular operators [69] Question: Reporting of spectrum lease revenue and stock compensation [58] - Spectrum lease revenue will initially be reported in other service revenues and broken out if it becomes material [58] - Stock compensation is elevated in 2023 and will remain so for the next two years due to performance-based restricted stock units [43]

GLOBALSTAR ANNOUNCES 2023 FINANCIAL RESULTS Covington, LA, February 28, 2024 -- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the fourth quarter and year ended December 31, 2023. "Globalstar had a record year measured by several key performance indicators, led by total revenue of $224 million, an increase of over 50% from 2022. Revenue growth was driven primarily by increases in wholesale capacity services and Commercial IoT. Given the high margin nature of o ...

Globalstar, Inc. (NYSE:GSAT) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET Company Participants Paul Jacobs - CEO Rebecca Clary - VP & CFO Timothy Taylor - VP, Finance, Business Operations & Strategy and Director Kyle Pickens - VP, Strategy and Communications Conference Call Participants Simon Flannery - Morgan Stanley Michael Crawford - B. Riley Securities George Sutton - Craig-Hallum Capital Group Walter Piecyk - LightShed Partners Operator Good day, and thank you for standing by. Welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 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) Incorporation or Organization) Delaware 41-2116508 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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) Incorporation or Organization) 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, 2023 Delaware 41-2116508 (State or O ...

Globalstar, Inc. (NYSE:GSAT) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants James Monroe - Executive Chairman Timothy Taylor - VP, Finance, Business Operations & Strategy and Director Rebecca Clary - VP & CFO David Kagan - CEO Kyle Pickens - VP, Strategy and Communications Conference Call Participants Simon Flannery - Morgan Stanley George Sutton - Craig-Hallum Michael Crawford - B. Riley Securities Operator Good morning, and welcome to the Globalstar Second Quarter 2023 Ear ...