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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.
Globalstar
Globalstar
Globalstar Revenue by Segment
Revenue by Segment
Wholesale Capacity Services Revenue
CapyFin.comCommercial IoT Revenue
CapyFin.comSPOT Revenue
CapyFin.comDuplex Revenue
CapyFin.com 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