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Jun 30, 2024
Globalstar Q2 2024 Earnings Report
Reported record revenue driven by growth in wholesale capacity services and other business initiatives, leading to a 20% increase in Adjusted EBITDA and an increase in cash on hand.
Key Takeaways
Globalstar reported a 10% increase in total revenue to $60.4 million for Q2 2024, driven by an increase in service revenue, particularly from wholesale capacity services and Commercial IoT. Adjusted EBITDA increased by 20% to $32.6 million, and cash on hand increased to $64 million. The company raised the low end of its revenue guidance to $235 million and projected Adjusted EBITDA margin to 53% for the full year 2024.
Total revenue increased by 10% to $60.4 million compared to Q2 2023.
Service revenue increased by 18% due to growth in wholesale capacity services and Commercial IoT.
Adjusted EBITDA increased by 20% to $32.6 million.
Company raised the low end of its revenue guidance for full year 2024 to $235 million and projected Adjusted EBITDA margin to 53%.
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
Globalstar is raising its financial outlook for full year 2024.
Positive Outlook
- Total revenue between $235 million and $250 million.
- Adjusted EBITDA margin of approximately 53%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income