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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%.
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 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