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]

Commission file number 001-33117 GLOBALSTAR, INC. 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 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 (Exact Name of Registrant as Specified in Its Charter) Incorporation or Organization) Delaware 41-2116508 (State or ...

[Globalstar First Quarter 2024 Financial Results](index=1&type=section&id=Globalstar%20First%20Quarter%202024%20Financial%20Results) [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Globalstar exceeded Q1 2024 financial expectations with sequential and prior-year revenue growth, reaffirmed full-year guidance, and advanced new government contracts and XCOM RAN product shipments - CFO Rebecca Clary noted that Q1 financial results generally **exceeded expectations**, with revenue **higher sequentially** and versus the prior year's quarterly average, and the company **reiterated its full-year 2024 guidance**[3](index=3&type=chunk) - CEO Dr. Paul E. Jacobs highlighted **significant progress** in new initiatives expected to drive future growth, including a **new government contract**, testing new technology on the satellite constellation, and commencing **commercial shipments of XCOM RAN products**[3](index=3&type=chunk) Q1 2024 Key Financial Metrics vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $56.5 million | $58.6 million | -3.7% | | Net Loss | ($13.2 million) | ($3.5 million) | +277.6% | | Adjusted EBITDA | $29.6 million | $32.6 million | -9.2% | | EPS (Diluted) | ($0.01) | ($0.00) | - | [Operational Review](index=1&type=section&id=Operational%20Review) Globalstar advanced key operational initiatives, including a new government contract POC, securing a major XCOM RAN customer, demonstrating significant performance gains, and progressing FCC approval for a replacement satellite constellation and Band n53 spectrum business - Initiated a **proof-of-concept (POC) phase** for a government services contract, which, if successful, will become a **five-year agreement** with minimum revenue commitments escalating to **$20 million** in the fifth year, plus a revenue share[5](index=5&type=chunk)[7](index=7&type=chunk) - Secured a **customer win** with one of the world's largest retailers for its **XCOM RAN product** to be deployed in Micro Fulfillment Centers (MFCs), with **commercial deliveries began in April 2024**[5](index=5&type=chunk) - Conducted over-the-air testing for XCOM RAN, demonstrating **capacity gains of 4x to 5x** compared to traditional small cell implementations[5](index=5&type=chunk) - The company's application with the FCC for a replacement satellite constellation has completed its public comment cycle, and **authorization is expected soon**, with the FCC **reaffirming Globalstar's exclusive license** in its portion of the Big LEO band[12](index=12&type=chunk) - Globalstar aims to generate **recurring revenue** from its **Band n53 terrestrial spectrum**, which it believes is a **unique offering** with a thriving ecosystem supported by Qualcomm chipsets[12](index=12&type=chunk) [Financial Review](index=2&type=section&id=Financial%20Review) Q1 2024 saw total revenue decrease to **$56.5 million** due to lower equipment sales, resulting in an operating loss of **$4.7 million**, a widened net loss of **$13.2 million**, and a decline in Adjusted EBITDA to **$29.6 million**, while cash remained stable at **$59.3 million** [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenue for Q1 2024 decreased to **$56.5 million** from **$58.6 million** in Q1 2023, as growth in service revenue, particularly Commercial IoT, was offset by a significant decline in subscriber equipment sales Q1 Revenue Breakdown (in thousands) | Revenue Type | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Service Revenue | $53,465 | $52,954 | +1.0% | | Subscriber Equipment Sales | $3,015 | $5,690 | -47.0% | | **Total Revenue** | **$56,480** | **$58,644** | **-3.7%** | - Excluding a nonrecurring revenue item in Q1 2023, service revenue increased by **$3.7 million**, or **7%**, year-over-year[6](index=6&type=chunk) - Commercial IoT service revenue increased **24%** from Q1 2023, driven by growth in both ARPU and the subscriber base[8](index=8&type=chunk) - Subscriber equipment sales were down **$2.7 million** YoY, as the prior-year quarter was a record high for SPOT and Commercial IoT sales due to inventory replenishment following supply chain disruptions[10](index=10&type=chunk) [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Q1 2024 saw a shift to an operating loss of **$4.7 million** from a **$7.2 million** income, with net loss widening to **$13.2 million** and Adjusted EBITDA declining to **$29.6 million**, primarily due to lower equipment revenue and increased operating expenses Q1 Profitability Metrics (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | (Loss) Income from Operations | ($4,712) | $7,191 | | Net Loss | ($13,196) | ($3,480) | | Adjusted EBITDA | $29,634 | $32,574 | - The shift to an operating loss was driven by **higher operating expenses** and **lower equipment revenue**[11](index=11&type=chunk) - Operating expenses increased due to **higher stock-based compensation**, **gateway operating costs** (maintenance, security, IT), and **increased legal and professional fees**[11](index=11&type=chunk)[13](index=13&type=chunk) [Liquidity and Cash Flow](index=3&type=section&id=Liquidity%20and%20Cash%20Flow) As of March 31, 2024, Globalstar maintained **$59.3 million** in cash, with **$29.8 million** net cash from operations and **$27.1 million** from financing activities primarily funding **$54.2 million** in capital expenditures for network upgrades and satellite procurement Key Liquidity and Cash Flow Data (Q1 2024) | Metric | Amount (in millions) | | :--- | :--- | | Cash and Cash Equivalents (End of Period) | $59.3 | | Net Cash from Operations | $29.8 | | Capital Expenditures | $54.2 | - Investing outflows were largely for **network upgrades**, including milestone work for **new satellites** with MDA and **launch services** with SpaceX[17](index=17&type=chunk) [Financial Outlook](index=3&type=section&id=Financial%20Outlook) Globalstar reiterated its full-year 2024 financial guidance, projecting total revenue between **$225 million** and **$250 million** with an Adjusted EBITDA margin of approximately **50%** Full Year 2024 Financial Outlook | Metric | Guidance | | :--- | :--- | | Total Revenue | $225 million to $250 million | | Adjusted EBITDA Margin | Approximately 50% | [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2024, including the Statement of Operations, Balance Sheet, Adjusted EBITDA reconciliation, and selected operating metrics [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (In thousands, except per share data) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | **Revenue:** | | | | Service revenue | $53,465 | $52,954 | | Subscriber equipment sales | $3,015 | $5,690 | | **Total revenue** | **$56,480** | **$58,644** | | **Total operating expenses** | **$61,192** | **$51,453** | | **(Loss) income from operations** | **($4,712)** | **$7,191** | | Total other expenses | ($8,476) | ($10,627) | | **Net loss** | **($13,196)** | **($3,480)** | | **Net loss per common share (Basic & Diluted)** | **($0.01)** | **($0.00)** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (In thousands) | | **March 31, 2024** | **December 31, 2023** | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $59,282 | $56,744 | | Total current assets | $135,977 | $142,653 | | **Total assets** | **$917,006** | **$924,309** | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $135,682 | $175,908 | | Long-term debt | $364,123 | $325,700 | | **Total liabilities** | **$539,952** | **$545,330** | | **Total stockholders' equity** | **$377,054** | **$378,979** | [Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20%28Loss%29%20to%20Non-GAAP%20Adjusted%20EBITDA) Reconciliation to Adjusted EBITDA (In thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | Net loss | ($13,196) | ($3,480) | | Interest income and expense, net | $3,785 | $2,032 | | Depreciation, amortization, and accretion | $22,097 | $21,933 | | EBITDA | $13,647 | $20,529 | | Non-cash compensation | $9,227 | $3,760 | | Loss on extinguishment of debt | $0 | $10,403 | | **Adjusted EBITDA** | **$29,634** | **$32,574** | [Schedule of Selected Operating Metrics](index=9&type=section&id=Schedule%20of%20Selected%20Operating%20Metrics) Q1 2024 vs Q1 2023 Operating Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Average Subscribers** | | | | Duplex | 29,257 | 36,616 | | SPOT | 249,640 | 266,067 | | Commercial IoT | 502,915 | 462,077 | | **Total Subscribers** | **782,126** | **765,160** | | **ARPU** | | | | Duplex | $54.18 | $52.35 | | SPOT | $13.68 | $14.17 | | Commercial IoT | $4.27 | $3.74 |

(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]