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Sep 30, 2024
Globalstar Q3 2024 Earnings Report
Globalstar reported strong third quarter results marked by a 25% revenue increase, a favorable fluctuation in net income of $16 million, and a 34% increase in Adjusted EBITDA, reaching a record high.
Key Takeaways
Globalstar's Q3 2024 financial results showed significant growth, with a 25% increase in total revenue driven by wholesale capacity services. Net income and Adjusted EBITDA also saw substantial improvements. The company has increased the low end of its revenue guidance to $245 million from $235 million and Adjusted EBITDA margin to 54% from 53%.
Total revenue increased by 25% compared to the prior year's third quarter, driven by service revenue.
Net income was $9.9 million, a significant improvement from the prior year's net loss of $6.2 million.
Adjusted EBITDA increased by 34% to $42.8 million, primarily due to an increase in high-margin service revenue.
The company increased the low end of its revenue guidance to $245 million from $235 million and Adjusted EBITDA margin to 54% from 53%.
Revenue by Segment
Forward Guidance
Globalstar is updating its previously issued financial outlook for full year 2024. Total revenue is expected to be between $245 million and $250 million. Adjusted EBITDA margin is anticipated to be approximately 54%.
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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