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Sep 30, 2021
Globalstar Q3 2021 Earnings Report
Globalstar's Q3 2021 results showed a slight decrease in total revenue, offset by increased subscriber equipment sales and positive momentum in SPOT and Commercial IoT.
Key Takeaways
Globalstar reported a slight decrease in total revenue for Q3 2021 compared to Q3 2020, but experienced positive momentum in SPOT and Commercial IoT with increased service and equipment revenue. SPOT activations continued at record levels, and Commercial IoT activations continued to increase. The company also saw a decrease in loss from operations and adjusted EBITDA.
SPOT service revenue increased 4% quarter over quarter, driven by higher average subscribers.
SPOT activations have increased each consecutive quarter this year and are up 17% over the last twelve months.
Commercial IoT equipment sales increased approximately 50% compared to prior year periods.
Loss from operations was $14.7 million during the third quarter of 2021, a slight increase from $14.6 million in the third quarter of 2020.
Revenue by Segment
Forward Guidance
Globalstar anticipates continued momentum in SPOT and Commercial IoT, especially with the developmental progress of the two-way IoT module and a revamped partner engagement strategy. The company also expects its licensed spectrum in Band 53 to become increasingly valuable.
Positive Outlook
- Expects momentum to continue as we look into next year.
- Especially excited about our developmental progress of the two-way IoT module.
- Capabilities that include both tracking as well as command control.
- Recently revamped partner engagement strategy for Commercial IoT.
- Anticipate a sea change when new two-way product availability is combined with an enhanced sales model for our reseller partners as we begin to compete in a large, established two-way market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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