Globalstar <\/b>reported $56.5 million of revenue in the first quarter of 2024, a $500,000 increase from the same time last year. In its May 8 financial report, the company reported continued growth in commercial IoT, and a new satellite proof-of-concept for a government services company. <\/p>\n
Globalstar noted that there was a nonrecurring revenue item in 2023, and excluding that revenue, service revenue increased 7% in Q1. <\/p>\n
Commercial IoT continues to grow for Globalstar. Commercial IoT service revenue of $6.4 million increased 24% from the first quarter of 2023, due to increases in both ARPU and the subscriber base. The company reported that 2023 was a record year for gross subscriber activations, contributing to increased service revenue in 2024 from those new subscribers. <\/p>\n
Revenue from wholesale capacity services, which includes capacity for Apple\u2019s emergency messaging service, was $31.6 million in Q1, up 4% year-over-year. <\/p>\n
Net loss was $13 million. <\/p>\n
Adjusted EBITDA was $29.6 million in Q1, compared to $32.6 million in the same time last year.<\/p>\n
\u201cWe are pleased with our financial results for the first quarter, which generally exceeded our expectations with total revenue higher on a sequential basis as well as compared to the prior year quarterly average,\u201d CFO Rebecca Clary commented. <\/p>\n
Globalstar reiterated its 2024 guidance of total revenue between $225 million and $250 million and an adjusted EBITDA margin of approximately 50%.<\/p>\n
In addition, Executive Chairman Jay Monroe confirmed that Globalstar\u2019s constellation refresh with MDA remains on schedule to launch in 2025. <\/p>\n
The company also reported that in February, the company initiated the proof-of-concept phase for a government services company to utilize its satellite network for mission critical applications with over-the-air testing expected this quarter. If this proof of concept proceeds to a contract, Globalstar said it will be a five-year term with annual minimum revenue commitments escalating to $20 million during the fifth year. <\/p>\n","protected":false},"excerpt":{"rendered":"
Globalstar reported $56.5 million of revenue in the first quarter of 2024, a $500,000 increase from the same time last year. In its May 8 financial report, the company reported continued growth in commercial IoT, and a new satellite proof-of-concept for a government services company. Globalstar noted that there was a nonrecurring revenue item in […]<\/p>\n","protected":false},"author":1,"featured_media":47018,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-51306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51306"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=51306"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/51306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/47018"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=51306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=51306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=51306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}