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Globalstar | 8-K: Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Feb 28 08:17
Summary by Moomoo AI
On February 28, 2024, Globalstar, Inc. reported a significant year-over-year revenue increase of over 50%, reaching a record $224 million for the year ended December 31, 2023. The company's financial growth was primarily driven by wholesale capacity services and Commercial IoT, which also led to improvements in operating income and Adjusted EBITDA. Globalstar's operational achievements included securing an order for XCOM RAN systems from a major retailer, generating revenue through a Band 53 deployment with Nokia, and executing a new government services contract. The company remains on track for the launch of new satellites in 2025. The financial results were disclosed in a press release furnished as Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC. The report also highlighted a...Show More
On February 28, 2024, Globalstar, Inc. reported a significant year-over-year revenue increase of over 50%, reaching a record $224 million for the year ended December 31, 2023. The company's financial growth was primarily driven by wholesale capacity services and Commercial IoT, which also led to improvements in operating income and Adjusted EBITDA. Globalstar's operational achievements included securing an order for XCOM RAN systems from a major retailer, generating revenue through a Band 53 deployment with Nokia, and executing a new government services contract. The company remains on track for the launch of new satellites in 2025. The financial results were disclosed in a press release furnished as Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC. The report also highlighted a new agreement with a government services company, which could lead to annual minimum revenue commitments of up to $20 million by the fifth year. Globalstar's CEO, Dr. Paul E. Jacobs, expressed optimism for the company's momentum and growth initiatives. The company's liquidity position improved, with cash and cash equivalents totaling $56.7 million as of December 31, 2023. For 2024, Globalstar anticipates total revenue between $225 million and $250 million, with an Adjusted EBITDA margin of approximately 50%.

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