Globalstar Inc ( (GSAT) ) has released its Q3 earnings. Here is a breakdown of the information Globalstar Inc presented to its investors.
Globalstar Inc. is an international telecom infrastructure provider specializing in reliable satellite and terrestrial connectivity services, utilizing its low Earth orbit satellite constellation to deliver secure data transmission solutions for consumers, businesses, and government agencies worldwide.
Globalstar has reported a robust performance in its third quarter of 2024, with a notable 25% increase in total revenue, driven primarily by growth in high-margin wholesale capacity revenue. The company has also raised its revenue guidance for the year to a range between $245 million and $250 million, along with an improved Adjusted EBITDA margin expectation.
Key financial highlights for the quarter include a net income of $9.9 million, a significant turnaround from a net loss in the previous year, and a 34% increase in Adjusted EBITDA to $42.8 million. The company attributes its financial success to strategic initiatives including the extension of services agreements and regulatory approvals for satellite operations, which are set to bolster its service offerings and infrastructure capabilities.
Looking ahead, Globalstar is poised to continue its growth trajectory by capitalizing on its strategic partnerships and expanding its mobile satellite services. The company’s management remains optimistic about future developments and plans to provide further updates at its upcoming investor day event.
