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].

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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]