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 (NYSE American: GSAT) has announced plans to transfer its common stock listing to the Nasdaq Global Select Market in the first quarter of 2025. The company's Board of Directors has authorized a reverse stock split to coincide with the uplisting. These strategic moves aim to align trading fundamentals with peers, improve liquidity, and attract greater institutional investor participation. The company will continue trading on NYSE American until the uplisting process is complete. CEO Paul E. Jacobs stated these changes reflect the company's momentum and growth trajectory, expecting to enhance visibility and attract a more diverse shareholder base.
Globalstar (NYSE: GSAT) has been selected as the winning bidder in Mexico's public Auction #13 by the Instituto Federal de Telecomunicaciones (IFT). The auction grants terrestrial authorization for frequencies 2483.5 to 2495 MHz in Mexico through Globalstar's subsidiary, Mobile Satellite Services Mexico. Upon payment completion, Globalstar will receive a 10-year terrestrial authorization from IFT, enabling the expansion of terrestrial applications throughout Mexico.
Globalstar (NYSE American: GSAT) announced its participation in Deutsche Bank's Global Space Summit on November 20, 2024, in New York. Dr. Paul Jacobs will deliver a presentation at 9:00 a.m. EST. CFO Rebecca Clary, Dr. Jacobs, and other management team members will be available for one-on-one meetings during the event. Interested parties can arrange meetings through their Deutsche Bank sales representatives.
Globalstar (NYSE: GSAT) reported strong Q3 2024 results with a 25% increase in total revenue to $72.3 million. The company achieved a net income of $9.9 million, compared to a $6.2 million loss in the previous year. Adjusted EBITDA grew 34% to $42.8 million, reaching a record high. The growth was primarily driven by wholesale capacity revenue, including $7.5 million in performance-based bonuses. The company raised its 2024 revenue guidance to $245-250 million from $235-250 million and increased its Adjusted EBITDA margin guidance to 54% from 53%.
Globalstar (NYSE American: GSAT) has announced it will release its third quarter 2024 financial and operating results on Thursday, November 7, 2024, after market close. The company will host a conference call the same day at 5:00 p.m. Eastern Time to discuss the results. The earnings call will be accessible via webcast and teleconference, with registration required for teleconference participation. An audio replay will be made available in the Investor Relations section of Globalstar's website for those unable to attend the live call.
Globalstar (NYSE American: GSAT) has announced a collaboration with Global Telecom, Alliance, and Hawk Networks to utilize its Band 53 spectrum for mission-critical applications in combination with CBRS in the United States. This partnership aims to provide enhanced connectivity for private wireless networks, especially in areas where CBRS may face limitations.
Key points:
- Band 53 will be used for carrier aggregation with CBRS
- Global Telecom created the first carrier aggregation modules including Band 53
- Alliance will integrate the solution using the Althea platform and Hawk Networks' LTE/5G core
- The offering includes Band 53 spectrum rights authorized by Globalstar
- The solution addresses challenges related to CBRS channel-sharing rules
This collaboration aims to expand CBRS adoption and ensure stability for mission-critical applications in private wireless networks.
Globalstar, Inc. (NYSE American: GSAT) has announced its participation in MWC Las Vegas 2024. Two key executives will be presenting at the event:
1. Tamer Kadous, VP of Terrestrial Networks, will discuss private network early adopters and use cases with Globalstar's XCOM RAN solution at the Private Network Summit on October 8.
2. Kyle Pickens, VP of Strategy, will talk about Globalstar's Band 53 spectrum being used in mission-critical applications in combination with CBRS in the U.S. on October 9.
Globalstar will showcase its suite of Low Earth Orbit (LEO) satellite-enabled solutions, including IoT transportation and asset trackers, personnel safety solutions, and Band 53 spectrum and XCOM RAN for private networks.
Liquid Intelligent Technologies, a Cassava Technologies company, has announced a strategic partnership with Globalstar to deliver advanced 5G connectivity solutions across Africa, the Middle East, and the Gulf. The partnership grants Liquid exclusive rights to sell and distribute Globalstar's XCOM RAN private networks 5G access solution in these regions.
This innovative technology enhances the 5G experience, supports AI-driven applications, and is set to revolutionize industries such as mining. The collaboration also includes potential expansion to Globalstar's satellite, Band n53 spectrum, and IoT solutions on a non-exclusive basis. Liquid will provide comprehensive customer support for Globalstar's products and services, including technical support and warranty services.
Globalstar (NYSE American: GSAT) has received a 15-year license extension from the FCC for its HIBLEO-4 constellation. This reauthorization allows Globalstar to continue exclusive operations in the Big LEO Band and operate up to 26 replacement satellites. The extension is important for Globalstar's ongoing investment, operation, and innovation in satellite and communications solutions.
The FCC's order emphasizes Globalstar's role in providing essential voice and data communications services, including safety-of-life services. CEO Dr. Paul E. Jacobs stated that this milestone is imperative for Globalstar's mission of providing critical mobile satellite connectivity worldwide. The satellite refresh program is expected to improve performance and coverage for Globalstar's services, including Direct to Device satellite connections.
Globalstar (NYSE American: GSAT) announced its Q2 2024 financial results, showcasing record revenue driven by growth in wholesale capacity services and new business initiatives.
Total revenue increased by 10% to $60.4 million, and service revenue rose by 18%, reaching $9.0 million. Commercial IoT service revenue hit $6.7 million, a 25% year-over-year increase. However, subscriber equipment sales fell by $3.7 million.
Adjusted EBITDA increased by 20% to $32.6 million, while the company recorded a net loss of $9.7 million, compared to a net income of less than $0.1 million in Q2 2023. Higher operational costs contributed to this loss.
Globalstar raised its full-year revenue guidance to a range of $235 million to $250 million and adjusted EBITDA margin to 53%.