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Sep 30, 2023
Globalstar Q3 2023 Earnings Report
Reported a significant improvement in profitability driven by a 53% increase in total revenue.
Key Takeaways
Globalstar announced its Q3 2023 results, marked by a 53% increase in total revenue and a 125% increase in Adjusted EBITDA compared to the same quarter last year. The company is increasing its full year 2023 total revenue guidance to a range between $215 and $230 million.
Total revenue increased by 53% to $57.7 million compared to Q3 2022, driven by higher service revenue.
Adjusted EBITDA increased by 125% to $32.0 million compared to the prior year's quarter.
Commercial IoT revenue increased by 36% from the third quarter of 2022.
Net loss was $6.2 million, compared to a net loss of $204.4 million for the third quarter of 2022.
Revenue by Segment
Forward Guidance
Globalstar updated its financial guidance for full year 2023, excluding revenue from terrestrial spectrum opportunities.
Positive Outlook
- Total revenue between $215 million and $230 million, representing approximately 45% to 55% increase over 2022 total revenue.
- Adjusted EBITDA margin of approximately 55%, compared to 39% in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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