Loading...
•
Mar 31, 2024
Globalstar Q1 2024 Earnings Report
Announced financial results for the first quarter ended March 31, 2024, with total revenue higher on a sequential basis and compared to the prior year quarterly average. The company is excited about how 2024 has started and what to expect in the balance of the year.
Key Takeaways
Globalstar reported its Q1 2024 financial results, showing a net loss of $13.2 million compared to a net loss of $3.5 million in Q1 2023. Total revenue was $56.48 million, slightly lower than the $58.644 million reported in the same period last year. Adjusted EBITDA was $29.6 million, down from $32.6 million in the prior year's first quarter. The company reiterated its full-year 2024 revenue guidance of $225 million to $250 million and an Adjusted EBITDA margin of approximately 50%.
Initiated a proof-of-concept phase for a government services company to utilize the satellite network for mission-critical applications, with a potential five-year agreement containing escalating annual minimum revenue commitments.
Secured a customer win for the XCOM RAN product with one of the world's largest retailers for deployment in Micro Fulfillment Centers.
Conducted over-the-air testing for XCOM RAN running on 10MHz bandwidth, demonstrating significant gains in downlink and uplink capacity compared to traditional small cell implementations.
Progressed with the FCC application for a replacement constellation for the HIBLEO-4 filing, expecting to receive the requested replacement authorization soon.
Globalstar
Globalstar
Globalstar Revenue by Segment
Revenue by Segment
Wholesale Capacity Services Revenue
CapyFin.comCommercial IoT Revenue
CapyFin.comSPOT Revenue
CapyFin.comDuplex Revenue
CapyFin.comGovernment and Other Services Revenue
CapyFin.comSubscriber Equipment Sales Revenue
CapyFin.com Forward Guidance
The company reiterated its financial outlook for 2024.
Positive Outlook
- Total revenue between $225 million and $250 million
- Adjusted EBITDA margin of approximately 50%
- Expect the replenishment MDA satellites to launch next year to ensure quality services beyond the next decade.
- Nominal incremental expense for Globalstar associated with Band n53
- Band n53 can generate sustainable and growing cash flows at scale.
Revenue & Expenses
Visualization of income flow from segment revenue to net income