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Globalstar, Inc. reports developments in satellite and terrestrial connectivity, including mobile satellite services, low Earth orbit satellite infrastructure, licensed Band 53/n53 spectrum and private wireless technology. Its recurring news themes include XCOM RAN private 5G deployments, IoT and direct-to-device connectivity, ground-station expansion, spectrum-enabled partnerships, government and defense collaborations, and operating results.
The company serves business, enterprise, consumer and governmental markets with voice, data, asset-tracking, safety and personal communications services. Updates also cover satellite network upgrades, product modules, ecosystem partners and material corporate actions tied to its communications infrastructure and capital structure.
Globalstar, Inc. (AMEX: GSAT) will release its Q1 2022 financial results and business update on May 5, 2022, after market close. The company, known for its pioneering SPOT Satellite GPS Messenger, utilizes a low-earth orbit (LEO) satellite constellation, enhancing safety and operational efficiency for users across 120 countries. Globalstar offers a range of satellite-powered solutions, including IoT products, GPS messengers, and cloud-based telematics, aimed at improving asset visibility and connectivity.
Globalstar, Inc. (NYSE American: GSAT) has appointed Dave Haight as vice president of IoT, reinforcing its commitment to expand in the IoT sector. Haight brings extensive experience, previously leading IoT development at AT&T, where he significantly grew the business. His focus will be on enhancing Globalstar's satellite-based IoT offerings, targeting large-scale customers. This announcement follows Globalstar's plans for a new satellite fleet aimed at strengthening operations and ensuring long-term growth.
Globalstar, Inc. (GSAT) reported its fourth quarter and annual results for 2021, revealing total revenue of $124.3 million, down 3% year-over-year. Service revenue decreased by $6.7 million due to lower engineering revenue and Duplex subscribers, although Commercial IoT service revenue grew by 5%. The company announced a $327 million satellite procurement agreement to enhance its mobile satellite services. Net loss for the fourth quarter was $24 million, contributing to a total annual loss of $112.6 million. Adjusted EBITDA for Q4 increased by 26% to $12.4 million.
Rocket Lab has secured a groundbreaking $143 million contract to design and manufacture 17 spacecraft buses for Globalstar's new Low Earth Orbit satellites. This subcontract, awarded by MDA, marks the largest spacecraft bus order in Rocket Lab's history. The satellites are set to replenish Globalstar’s existing constellation by the end of 2025. The partnership aims to meet growing demand for advanced satellite technology, leveraging Rocket Lab's comprehensive capabilities in satellite manufacturing and integration.
Globalstar (NYSE American: GSAT) announced a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation to acquire 17 new satellites for $327 million. These satellites will enhance the lifespan of Globalstar’s existing constellation and provide services to both existing and new customers. A potential customer will reimburse 95% of the capital expenditures related to these satellites. The satellites are expected to be delivered by 2025, with additional options for up to nine more satellites at $11.4 million each.
Globalstar, Inc. (GSAT) is set to announce its fourth quarter and annual 2021 financial results on February 24, 2022, after market close. The company is known for its SPOT Satellite GPS Messenger and operates a low-earth orbit (LEO) satellite constellation that provides connectivity and safety solutions across 120 countries. Its offerings include IoT products, cloud-based telematics solutions, and various GPS messaging devices, aimed at enhancing safety and operational efficiencies for consumers and businesses.
Globalstar Inc. (GSAT) announced its collaboration with the University of Toronto Trash Team to study plastic pollution in Lake Ontario using its innovative SmartOne C Satellite Trackers. This project, part of the Tagging Trash Project, aims to track the movement of plastic litter to identify sources and accumulation zones. Initial results will be shared in a webinar on November 23, 2021. The partnership highlights Globalstar's commitment to environmental solutions through its IoT satellite technology, which is critical for monitoring and managing remote assets.
Globalstar, Inc. (GSAT) announced third-quarter 2021 results, highlighting a revenue increase in SPOT and Commercial IoT services. SPOT activations rose 17% year-over-year, with total subscriber base exceeding pre-COVID levels at approximately 275,000. Revenue from Commercial IoT equipment sales surged about 50%, despite a decline in Duplex service revenue. The company reported an operating loss of $14.7 million and a net loss that increased by $5.9 million. Cash and cash equivalents totaled $11.3 million as of September 30, 2021.
Globalstar (NYSE: GSAT) reported its Q2 2021 financial results, showing a slight decline in total revenue compared to Q2 2020, with service revenue affected by fewer Duplex subscribers. Notably, SPOT activations increased by 33%, and commercial IoT equipment sales doubled, indicating future service revenue potential. The company has reduced its net first lien debt to under $50 million and achieved a net loss of $16 million, slightly higher than the previous year. Despite challenges, including a decrease in ARPU, Globalstar remains optimistic about new opportunities in the Commercial IoT space.
Globalstar (NYSE American: GSAT) announced a partnership with FocusPoint International Inc. to offer the Global Overwatch & Rescue™ Plan for crisis assistance to its customers. This plan includes travel medical services, security assistance, and no-cost evacuations for annual plan users. Available immediately for $24.95 per year, it aims to enhance safety for Globalstar and SPOT customers traveling in hazardous conditions. CEO David Kagan highlighted the service's value for users involved in extreme sports and frequent travel.