Globalstar, Inc. (GSAT) officially inaugurated its cutting-edge Satellite Operations Control Center (“SOCC”) at its headquarters in Covington, LA, on March 17. This milestone represents a major enhancement of Globalstar’s operational capabilities, strengthening its strategic growth as it drives next-generation satellite and connectivity solutions.The SOCC is a crucial investment in Globalstar’s future, facilitating superior satellite fleet management, optimizing network performance and laying the groundwork ...

Core Viewpoint - Globalstar reported record revenue for 2024, but the stock price declined post-earnings announcement, indicating a lack of investor confidence despite strong financial results [1][2]. Financial Performance - Globalstar achieved a record revenue of $250.3 million in 2024, marking a 12% year-over-year increase, with Q4 revenue rising 18% year-over-year to $61.2 million [2]. - The company projected 2025 revenue between $260 million and $285 million, representing a potential increase of up to 13% from 2024 [2]. - Despite the revenue growth, Globalstar reported a net loss of $50.2 million for Q4 and $63.2 million for the year, primarily due to noncash losses related to debt extinguishment [3]. Cash Flow Analysis - Globalstar generated $185 million in positive free cash flow (FCF) in 2024, a significant improvement from a $100 million cash burn in 2023, marking the highest FCF in the company's history [4]. - Future FCF projections are uncertain, with analysts predicting a return to negative cash flow in 2025, followed by a modest recovery to $69 million in 2026 [8]. Market Valuation - The current market cap of Globalstar is $2.7 billion, but the volatility in FCF raises concerns about its valuation. A conservative estimate suggests a price-to-free-cash-flow ratio of 39 times based on projected future cash flows [9]. - The overall assessment indicates that while the recent quarter was strong, the sustainability of performance is questionable, leading to a recommendation against buying the stock [10].

Globalstar, Inc. (GSAT) has teamed up with GCT Semiconductor Holding Inc. (GCTS) to engineer two-way satellite messaging systems for its mobile devices and modules. The initiative integrates GCTS’ cutting-edge IoT and 4G/5G semiconductor technology into Globalstar’s next-generation product suite. The partnership was unveiled ahead of the Mobile World Congress (MWC) in Barcelona, where both companies will be showcasing their latest innovations from March 3-6.Following the collaboration announcement, GSAT’s s ...

Part I [Business Overview](index=4&type=section&id=Item%201.%20Business) Globalstar provides Mobile Satellite Services, including wholesale capacity to a major customer and voice/data services, while investing heavily in network expansion and facing intense competition [Business Strategy](index=4&type=section&id=Item%201.%20Business%23Business%20Strategy) Globalstar's strategy focuses on wholesale satellite capacity, terrestrial spectrum monetization, communication product sales, and government services - Globalstar's primary wholesale satellite capacity services are provided to Apple Inc. (the "Customer") under Updated Services Agreements, which involve delivering expanded services over a new MSS network, including a new satellite constellation and expanded ground infrastructure[22](index=22&type=chunk)[24](index=24&type=chunk) - The company retains **15% of its network capacity** to support its other customers, including Commercial IoT, SPOT, and Duplex subscribers, and for potential new wholesale opportunities[25](index=25&type=chunk) - Globalstar is leveraging its terrestrial spectrum licenses (Band 53/n53) and an exclusive license for XCOM's wireless technologies to develop private network solutions for mission-critical needs[26](index=26&type=chunk)[27](index=27&type=chunk) - The company provides engineering services and has a partnership with Parsons Corporation to offer innovative solutions for government customers[31](index=31&type=chunk) [Globalstar System](index=6&type=section&id=Item%201.%20Business%23Globalstar%20System) The Globalstar System, comprising LEO satellites and ground gateways, is undergoing significant upgrades with new satellite acquisitions and launch services contracted from MDA and SpaceX - The company has agreements with Macdonald, Dettwiler and Associates Corporation (MDA) to acquire at least **17 new satellites by 2025** and another agreement for **over 50 additional satellites** for the Extended MSS Network[33](index=33&type=chunk) - Launch services for both sets of new satellites have been contracted with Space Exploration Technologies Corp. (SpaceX)[34](index=34&type=chunk) - The system's design, with software and hardware located on the ground, is believed to enable faster and more cost-effective maintenance and upgrades[37](index=37&type=chunk) [Customers and Revenue Concentration](index=7&type=section&id=Item%201.%20Business%23Customers%20and%20Revenue%20Concentration) Globalstar serves a diverse customer base, but a single major customer (Apple Inc.) accounts for a significant and growing portion of its total revenue Revenue Concentration from Major Customer | Year | Percentage of Total Revenue | | :--- | :--- | | 2024 | 58% | | 2023 | 49% | | 2022 | 24% | - As of December 31, 2024, the company had approximately **774,000 MSS subscribers** worldwide, which includes users of Commercial IoT, SPOT, and Duplex devices[41](index=41&type=chunk) - The loss of the major customer under the Updated Services Agreements could have an adverse impact on the company's financial condition, results of operations, and cash flows[42](index=42&type=chunk) [Communications Products and Services](index=7&type=section&id=Item%201.%20Business%23Communications%20Products%20and%20Services) Globalstar offers Commercial IoT services for asset tracking, the SPOT family for personal safety and tracking, and Duplex services for two-way satellite voice and data - Commercial IoT services are used for asset tracking and monitoring in industries like government, transportation, and energy, with customers including FEMA, the U.S. Army, and BP[43](index=43&type=chunk) - The company is developing two-way Commercial IoT products, which would significantly expand market opportunities by adding command, control, and acknowledgment capabilities[50](index=50&type=chunk) - The SPOT product family (Gen4, X, Trace) provides personal tracking, messaging, and emergency services, and has been credited with initiating **thousands of rescues since 2007**[52](index=52&type=chunk)[54](index=54&type=chunk) [Competition](index=11&type=section&id=Item%201.%20Business%23Competition) Globalstar faces intense competition in the MSS market from established players and new direct-to-cellular entrants, as well as in terrestrial spectrum from licensed and unlicensed alternatives - Direct competition in the MSS business comes from global providers Viasat, Iridium, and ORBCOMM, competing on coverage, quality, and price[75](index=75&type=chunk) - In the direct-to-cellular market, the company faces competition from new providers, including SpaceX's Starlink, which has partnered with a major U.S. wireless operator[74](index=74&type=chunk)[117](index=117&type=chunk) - Terrestrial spectrum competition comes from other licensed holders like Anterix and Nextwave, as well as unlicensed spectrum (Wi-Fi) and lightly licensed bands (CBRS)[71](index=71&type=chunk)[82](index=82&type=chunk)[122](index=122&type=chunk) [Human Capital](index=13&type=section&id=Item%201.%20Business%23Human%20Capital) Globalstar employed **389 people** across fifteen countries as of December 31, 2024, focusing on talent retention through competitive compensation, development, and a diverse, inclusive culture - As of December 31, 2024, the company had **389 employees** in fifteen countries, with **23 employees in Brazil** covered by collective bargaining agreements[89](index=89&type=chunk) - Compensation packages are designed to be competitive and include base salary, long-term stock-based incentives, health insurance, a retirement plan, and an employee stock purchase plan[90](index=90&type=chunk) - The company fosters employee engagement through training programs, a wellness program, and surveys, with 'Diversity and Inclusion' being a highly-rated culture category[91](index=91&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) Globalstar faces significant risks related to its business operations, including heavy customer reliance and capital intensity, regulatory compliance, and common stock volatility due to majority shareholder control [Risks Related to Our Business](index=15&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Business) Key business risks include heavy reliance on a single customer, operational disruptions, capital intensity, supplier dependence, intense competition, cybersecurity threats, and restrictive financing covenants - Revenue from the Updated Services Agreements with a single customer constituted approximately **58% of total revenue** for the year ended December 31, 2024 Failure to meet obligations or termination of these agreements would materially and adversely affect business and results[101](index=101&type=chunk) - The business is capital intensive and relies on funding arrangements to finance satellite construction and launch The company may require additional capital for other initiatives, and turmoil in capital markets could impact its ability to raise financing on favorable terms[127](index=127&type=chunk)[128](index=128&type=chunk) - The company faces intense competition from other MSS operators like Iridium and Viasat, and its direct-to-cellular service faces competition from providers like SpaceX's Starlink[116](index=116&type=chunk)[117](index=117&type=chunk) - The company's networks are vulnerable to cyber-attacks, which could lead to service interruptions, theft of confidential information, and an inability to meet service requirements under customer agreements, including the Updated Services Agreements[144](index=144&type=chunk) [Risks Related to Government Regulations](index=24&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Government%20Regulations) Globalstar's operations are subject to complex government regulations, posing risks related to license acquisition and renewal, compliance with trade and export control laws, and potential adverse changes in spectrum allocation - The company's MSS system is subject to significant regulation by the FCC in the U.S., ARCEP/CNES/ANFR in France, and other foreign authorities These approvals require periodic renewal and are not guaranteed[157](index=157&type=chunk) - The company must obtain additional licenses and authorizations from multiple regulators to operate the new Extended MSS Network, and there is no assurance that all required authorizations will be obtained[159](index=159&type=chunk) - Global operations expose the company to trade sanctions, export control laws (e.g., FCPA, OFAC), and other restrictions Violations can lead to severe criminal or civil sanctions and damage to reputation[162](index=162&type=chunk)[163](index=163&type=chunk) - The business plan to use MSS spectrum for terrestrial services depends on maintaining and expanding terrestrial authority globally, which is not guaranteed[164](index=164&type=chunk) [Risks Related to Our Common Stock](index=27&type=section&id=Item%201A.%20Risk%20Factors%23Risks%20Related%20to%20Our%20Common%20Stock) Risks related to common stock include control by majority shareholder Thermo, stock price volatility, potential dilution from future issuances, and restrictions on common stock dividends due to financing arrangements - As of December 31, 2024, Thermo owned approximately **58% of outstanding common stock**, giving it control over shareholder votes, including the election of a majority of the board[189](index=189&type=chunk)[190](index=190&type=chunk) - The company completed a **1-for-15 reverse stock split** and transferred its listing to Nasdaq in February 2025 There is no assurance this will lead to a proportionate increase in stock price or long-term market capitalization[182](index=182&type=chunk)[183](index=183&type=chunk) - Financing arrangements restrict the ability to pay cash dividends on common stock, and the company does not expect to pay any in the foreseeable future[178](index=178&type=chunk) - Future issuance of authorized but unissued common stock (**9.6 million shares available as of Dec 31, 2024**) or preferred stock (**99.9 million shares available**) could cause dilution and adversely affect the stock price[186](index=186&type=chunk)[187](index=187&type=chunk) [Cybersecurity](index=31&type=section&id=Item%201C.%20Cybersecurity) Globalstar manages cybersecurity risks through an enterprise-wide information security program aligned with the NIST framework, with oversight from executive management and the Board of Directors - The company has an enterprise-wide information security program based on the NIST Cybersecurity Framework, which is audited annually by independent third parties[198](index=198&type=chunk)[199](index=199&type=chunk) - Cybersecurity oversight is managed by the Data Protection Officer (VP of Network IT and Applications) and the executive team, with the Board of Directors receiving at least an annual presentation on the program[201](index=201&type=chunk) - As of the report date, the company is not aware of any material risks from cybersecurity threats that have materially affected or are likely to materially affect the company[202](index=202&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) Globalstar's principal headquarters is in Covington, Louisiana, with a global network of owned or leased facilities, including gateways and Network Operations Control Centers across multiple continents - The company's principal headquarters is located in Covington, Louisiana[203](index=203&type=chunk) - Globalstar operates a global network of gateways with locations in the Americas, Europe, Africa, Asia, and Australia to provide service coverage[203](index=203&type=chunk)[204](index=204&type=chunk) - Network Operations Control Centers, which monitor satellite and ground network operations, are located in the United States (California and Louisiana) and France[203](index=203&type=chunk)[204](index=204&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Globalstar's common stock trades on Nasdaq under "GSAT" following a 1-for-15 reverse stock split in February 2025, with no common stock dividends expected due to retained earnings and financing restrictions - The company's common stock trades on the Nasdaq Stock Market LLC under the symbol "GSAT"[206](index=206&type=chunk) - A **1-for-15 reverse stock split** of common stock was effectuated on February 10, 2025[206](index=206&type=chunk) - The company pays a **7.00% annual cash dividend** on its Series A Preferred Stock but has never paid a cash dividend on its common stock and does not expect to in the foreseeable future[207](index=207&type=chunk)[208](index=208&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Globalstar's 2024 revenue grew **12% to $250.3 million**, driven by wholesale capacity services, while operating expenses also rose **12% to $251.3 million**, resulting in a net loss of **$63.2 million**, with liquidity significantly enhanced by customer funding [Comparison of Results of Operations (2024 vs 2023)](index=34&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Comparison%20of%20Results%20of%20Operations%20%282024%20vs%202023%29) In 2024, total revenue increased **12% to $250.3 million**, driven by wholesale capacity services, while operating expenses rose **12% to $251.3 million**, leading to a net loss of **$63.2 million**, impacted by a **$27.4 million** loss on debt extinguishment Revenue by Type (in millions) | Revenue Type | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Wholesale capacity services | $145.3 | $109.1 | 33.2% | | Commercial IoT | $26.2 | $22.9 | 14.8% | | SPOT | $41.1 | $44.2 | -6.9% | | Duplex | $20.2 | $25.9 | -22.3% | | Government and other services | $4.8 | $2.1 | 125.9% | | **Total service revenue** | **$237.7** | **$204.2** | **16.4%** | | Subscriber equipment sales | $12.7 | $19.6 | -35.4% | | **Total revenue** | **$250.3** | **$223.8** | **11.9%** | - The increase in wholesale capacity service revenue was primarily due to fees for expanded services and performance bonuses under the Updated Services Agreements[222](index=222&type=chunk) - Total operating expenses increased by **12% to $251.3 million**, mainly from a **$19.7 million (37%) increase** in cost of services related to network expansion and a **$13.0 million increase** in stock-based compensation[228](index=228&type=chunk)[230](index=230&type=chunk)[234](index=234&type=chunk) - The company recorded a loss on extinguishment of debt of **$27.4 million** in 2024 from refinancing the 2023 13% Notes, compared to a **$10.4 million loss** in 2023[235](index=235&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Liquidity%20and%20Capital%20Resources) Globalstar's liquidity significantly improved in 2024, with cash and cash equivalents rising to **$391.2 million**, driven by **$439.2 million** in operating cash flow, including a **$278 million** customer prepayment Cash and Cash Equivalents (in millions) | Date | Amount | | :--- | :--- | | Dec 31, 2024 | $391.2 | | Dec 31, 2023 | $56.7 | Cash Flow Summary (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $439.2 | $74.3 | | Net cash used in investing activities | ($260.6) | ($175.6) | | Net cash provided by financing activities | $157.2 | $125.8 | - The increase in operating cash flow was primarily due to a **$278 million Infrastructure Prepayment** received from the Customer under the Updated Services Agreements[247](index=247&type=chunk) - As of Dec 31, 2024, the principal balance of debt was **$417.5 million**, consisting mainly of the Current Debt Repayment (**$222 million**), 2023 Funding Agreement (**$155 million**), and 2021 Funding Agreement (**$40.9 million**)[139](index=139&type=chunk)[245](index=245&type=chunk) [Contractual Obligations and Commitments](index=40&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%23Contractual%20Obligations%20and%20Commitments) Globalstar has significant contractual commitments for satellite network expansion, including agreements with MDA for **$329.3 million** and **$775.0 million** for new satellites, and Launch Services Agreements with SpaceX - The company has an agreement with MDA to acquire at least **17 satellites for $329.3 million**, expected for delivery in 2025[265](index=265&type=chunk) - A second agreement was made with MDA in February 2025 to acquire **over 50 additional satellites** for the Extended MSS Network at a total contract price of **$775.0 million**[267](index=267&type=chunk) - The company has multiple Launch Services Agreements with SpaceX to launch both sets of new satellites[268](index=268&type=chunk)[269](index=269&type=chunk) - As of December 31, 2024, the company had outstanding purchase orders of **$290 million** for the Extended MSS Network and **$4.7 million** in inventory purchase commitments[497](index=497&type=chunk)[498](index=498&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The 2024 consolidated financial statements, audited by Ernst & Young LLP with an unqualified opinion, reflect the company's financial position and operations, with critical audit matters including asset useful life and complex accounting for Updated Services Agreements [Financial Highlights](index=49&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Financial%20Highlights) In fiscal year 2024, Globalstar reported **$250.3 million** in revenue and a **$63.2 million** net loss, with total assets increasing to **$1.71 billion** and total liabilities to **$1.35 billion** due to new network arrangements Consolidated Statement of Operations Highlights (in millions) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Total Revenue | $250.3 | $223.8 | $148.5 | | Loss from Operations | $(0.9) | $(0.2) | $(221.0) | | Net Loss | $(63.2) | $(24.7) | $(256.9) | | Net Loss per Share (Diluted) | $(0.59) | $(0.29) | $(2.15) | Consolidated Balance Sheet Highlights (in millions) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $391.2 | $56.7 | | Total Assets | $1,710.2 | $924.3 | | Long-term debt | $476.8 | $325.7 | | Total Liabilities | $1,351.4 | $545.3 | | Total Stockholders' Equity | $358.9 | $379.0 | [Note 2: Special Purpose Entity](index=65&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Note%202%3A%20Special%20Purpose%20Entity) Globalstar and Apple Inc. entered Updated Services Agreements in November 2024 for an Extended MSS Network, involving the customer's **20% equity interest** in a consolidated VIE for **$400 million**, an Infrastructure Prepayment of up to **$1.1 billion**, and a **$235 million** Current Debt Repayment - The Extended MSS Network will be owned by Globalstar SPE, a consolidated VIE in which the Customer holds a **20% passive equity interest** via Customer Class B Units, purchased for **$400 million**[408](index=408&type=chunk)[412](index=412&type=chunk) - The Customer will provide an Infrastructure Prepayment of up to **$1.1 billion** to fund the construction of the new network[414](index=414&type=chunk) - The Customer funded a Current Debt Repayment of **$235 million**, which was used to fully retire the Company's 2023 13% Notes in November 2024[414](index=414&type=chunk)[417](index=417&type=chunk) [Note 7: Long-Term Debt and Other Financing Arrangements](index=75&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Note%207%3A%20Long-Term%20Debt%20and%20Other%20Financing%20Arrangements) As of December 31, 2024, Globalstar's total debt carrying value was **$511.4 million**, primarily from the Current Debt Repayment, 2023, and 2021 Funding Agreements, with financing secured by a first-priority lien on assets Debt Structure as of Dec 31, 2024 (in millions) | Debt Instrument | Principal Amount | Carrying Value | | :--- | :--- | :--- | | Current Debt Repayment | $221.6 | $328.8 | | 2023 Funding Agreement | $155.0 | $144.0 | | 2021 Funding Agreement | $40.9 | $38.7 | | **Total Debt** | **$417.5** | **$511.4** | - In November 2024, the company fully paid off its 2023 13% Notes using funds from the Current Debt Repayment provided by its major customer[463](index=463&type=chunk) - The company's obligations under the Funding Agreements are secured by a first-priority lien on substantially all of its assets[457](index=457&type=chunk)[461](index=461&type=chunk) [Note 13: Taxes](index=84&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Note%2013%3A%20Taxes) Globalstar recorded a **$2.1 million** income tax expense on a **$61.0 million** pre-tax loss in 2024, maintaining a full valuation allowance against **$1.8 billion** in NOL carryforwards, while facing audits from the Canada Revenue Agency - As of December 31, 2024, the company had cumulative U.S., state, and foreign net operating loss (NOL) carryforwards of approximately **$1.8 billion**[518](index=518&type=chunk) - A valuation allowance of **$421.9 million** is recorded against deferred tax assets, indicating it is more likely than not that these assets will not be realized[519](index=519&type=chunk) - The Canada Revenue Agency (CRA) is conducting audits of the Canadian subsidiary, resulting in the company recording unrecognized tax benefits and appealing certain assessments[527](index=527&type=chunk) [Note 17: Common Stock](index=89&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data%23Note%2017%3A%20Common%20Stock) Effective February 10, 2025, Globalstar completed a **1-for-15 reverse stock split**, reducing authorized shares to **143.3 million** and transferring its listing to Nasdaq under "GSAT" - A **1-for-15 reverse stock split** was effected on February 10, 2025[547](index=547&type=chunk) - The number of authorized common shares was reduced to **143,333,334**[547](index=547&type=chunk) - The common stock listing was transferred to the Nasdaq Stock Market LLC, effective February 11, 2025[547](index=547&type=chunk)[548](index=548&type=chunk) [Controls and Procedures](index=91&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2024, management concluded that disclosure controls and internal control over financial reporting were effective, a conclusion affirmed by Ernst & Young LLP's unqualified opinion - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective at providing reasonable assurance[554](index=554&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2024, based on the COSO framework[558](index=558&type=chunk) - The independent registered public accounting firm, Ernst & Young LLP, also audited and expressed an unqualified opinion on the effectiveness of the company's internal control over financial reporting[559](index=559&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=92&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - The information required by this item is incorporated by reference from the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders[12](index=12&type=chunk)[563](index=563&type=chunk) [Executive Compensation](index=92&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - The information required by this item is incorporated by reference from the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders[12](index=12&type=chunk)[564](index=564&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=92&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of principal stockholders, management, and equity compensation plans is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - The information required by this item is incorporated by reference from the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders[12](index=12&type=chunk)[565](index=565&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=92&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related person transactions and director independence is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - The information required by this item is incorporated by reference from the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders[12](index=12&type=chunk)[566](index=566&type=chunk) [Principal Accountant Fees and Services](index=92&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees and services of the principal accountant is incorporated by reference from the company's 2025 Annual Meeting of Stockholders Proxy Statement - The information required by this item is incorporated by reference from the Registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders[12](index=12&type=chunk)[567](index=567&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=93&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the audited consolidated financial statements and the independent auditor's report, with all financial statement schedules omitted as the information is included elsewhere - This section files the Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm[568](index=568&type=chunk) - All financial statement schedules are omitted because they are not applicable or the required information is already present in the financial statements or notes[569](index=569&type=chunk) [Form 10-K Summary](index=94&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form 10-K summary is provided in this report - No Form 10-K summary is provided[570](index=570&type=chunk)

Globalstar, Inc. (GSAT) reported fourth-quarter 2024 loss of 42 cents per share, wider than the loss of 14 cents in the year-ago quarter. The Zacks Consensus Estimate was pegged at a loss of 5 cents.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Revenues of $61.2 million surpassed the Zacks Consensus Estimate by 2.1%. The top line rose 16.7% year over year. This revenue growth was driven by a solid increase in service revenues.Shares of GSAT declined approximately 12% in the pre-ma ...

Globalstar (GSAT) Q4 2024 Earnings Call February 28, 2025 07:53 PM ET Company Participants Rebecca Clary - VP & CFOPaul Jacobs - Director & CEOMike Crawford - SMD & Head of Discovery GroupSimon Flannery - Managing DirectorWalter Piecyk - General PartnerChris Quilty - Co-CEO & PresidentLyman Delano - PartnerGeorge Sutton - Partner- Co-Director of Research Operator Good day and thank you for standing by. Welcome to the Globalstar Fourth Quarter twenty twenty four Earnings Conference Call. At this time, all pa ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 17% to $61.2 million compared to $52.4 million in the prior year [8] - Service revenue rose by 18%, primarily driven by wholesale capacity revenue, while commercial IoT increased by 8% due to higher average subscribers and ARPU [8] - Adjusted EBITDA for Q4 2024 increased by 21% to $30.4 million, with an adjusted EBITDA margin of 54%, up 190 basis points from 52% in 2023 [9][11] Business Line Data and Key Metrics Changes - The Commercial IoT business achieved record annual service revenue in 2024, reflecting growth from existing and new customers [10] - The company expects revenue for 2025 to be between $260 million and $285 million, representing a 9% year-over-year growth at the midpoint [15] Market Data and Key Metrics Changes - The company ended 2024 with $391.2 million in cash, with significant cash inflows from updated service agreements totaling $913 million [12][13] - The company anticipates that the extended MSS network will double total revenue in its first full year of service, reaching $500 million [16] Company Strategy and Development Direction - The company successfully completed its uplisting to the NASDAQ Global Select Market and implemented a 1 for 15 reverse stock split to enhance stock liquidity [5][6] - The focus is on expanding product offerings, including the launch of a QA device and further development of the XCOM RAN terrestrial solution [11][16] - The company aims to maintain 100% of terrestrial, MSS, and other revenue while allocating 85% of network capacity for satellite services to its wholesale customer [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within satellite and terrestrial connectivity markets, highlighting significant growth opportunities [22] - The company is focused on balancing growth investments while maintaining healthy margins, with expectations for adjusted EBITDA margins to improve over time [19][58] Other Important Information - The company has achieved a major milestone in partnership with Parsons Corporation, demonstrating a software-defined communication solution using its lower orbit constellation [38] - The company completed the first 5G data call on its Band n53 spectrum, achieving download speeds of 100 megabits per second [39] Q&A Session Summary Question: Can you explain the capabilities of the Aurora satellites? - The Aurora satellites have beam forming capabilities, allowing for controlled power and signal direction [45] Question: What is the timeline for the launch of the new satellites? - No specific update on the launch timing was provided [47] Question: Can you provide updates on the XCOM RAN and customer progress? - The company is focused on cost reduction and is awaiting customer decisions on rollout [54] Question: What are the expectations for EBITDA margins? - EBITDA margins are expected to face short-term pressures but should improve over the next 12 to 18 months [58] Question: When will the 2-way IoT become material to the numbers? - The company expects to start seeing material contributions from the 2-way IoT in 2025, with a ramp-up beginning this year [70][73] Question: Can you provide more details on the new satellite constellation? - The new constellation will work in conjunction with existing satellites, providing optionality for future expansions [115] Question: What are the use cases for the 2-way communication? - Use cases include remote asset control and monitoring, enabling commands to be sent back to devices [120][122]

Dr. Paul E. Jacobs, Chief Executive Officer, said, "2024 was a remarkable year for Globalstar as we executed well on several key initiatives that we believe will enable long-term, sustainable growth. We made important strides enhancing our product portfolio to address key end markets including consumer and government defense. This is highlighted through our recent partnership announcements with Parsons Corporation, Peiker Holding Company, and Liquid Intelligent Technologies. Furthermore, the recent expansio ...

Globalstar, Inc. (GSAT) has introduced an advanced two-way satellite Internet of Things (IoT) solution using its low Earth orbit (LEO) satellite constellation. This groundbreaking technology ensures delivery, low-latency messaging, and reliable and global command-and-control capabilities across various industries, including fleet tracking, asset monitoring, disaster communications, vessel tracking, precision farming and pipeline telemetry.Globalstar’s RM200M module is the first satellite module to feature i ...

Globalstar, Inc. (GSAT) is scheduled to report fourth-quarter 2024 results on Feb. 27, after the closing bell.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for revenues is pegged at 61.2 million, indicating an increase of 16.73% from a year ago.The Zacks Consensus Estimate for the fourth-quarter bottom line is pegged at a loss of 6 cents per share, suggesting an improvement of 60% from the year-ago quarter’s reported figure. GSAT’s earnings met the Zac ...