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Globalstar | 8-K: Globalstar Announces First Quarter 2024 Financial Results and Operational Updates

SEC announcement ·  May 8 16:22
Summary by Moomoo AI
On May 8, 2024, Globalstar, Inc. reported its financial results for the first quarter ending March 31, 2024. The company, which is incorporated in Delaware and trades under the symbol GSAT on the NYSE American, announced an increase in service revenue compared to the same period in the previous year. The increase was attributed to a new government contract and advancements in technology, including the commencement of commercial shipments of XCOM RAN products. Despite the positive developments in service revenue, the company experienced a decrease in subscriber equipment sales and reported a net loss of $13.2 million for the quarter, compared to a net loss of $3.5 million in the first quarter of 2023. The net loss was primarily due to higher operating expenses and lower equipment...Show More
On May 8, 2024, Globalstar, Inc. reported its financial results for the first quarter ending March 31, 2024. The company, which is incorporated in Delaware and trades under the symbol GSAT on the NYSE American, announced an increase in service revenue compared to the same period in the previous year. The increase was attributed to a new government contract and advancements in technology, including the commencement of commercial shipments of XCOM RAN products. Despite the positive developments in service revenue, the company experienced a decrease in subscriber equipment sales and reported a net loss of $13.2 million for the quarter, compared to a net loss of $3.5 million in the first quarter of 2023. The net loss was primarily due to higher operating expenses and lower equipment revenue. Adjusted EBITDA for the quarter was $29.6 million, a slight decrease from the $32.6 million reported in the previous year's first quarter. Globalstar also highlighted operational highlights such as the initiation of a proof-of-concept phase for a government services company and the announcement of a significant customer win for its XCOM RAN product. The company reiterated its financial outlook for 2024, expecting total revenue between $225 million and $250 million, with an Adjusted EBITDA margin of approximately 50%. The company's liquidity position was strong, with cash and cash equivalents of $59.3 million as of March 31, 2024.

This announcement is a separate document:

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