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Dec 31, 2023
Globalstar Q4 2023 Earnings Report
Globalstar reported a record year with a 50% increase in annual revenue, driven by wholesale capacity services and Commercial IoT, and announced new agreements including a government services contract and an XCOM RAN system deployment.
Key Takeaways
Globalstar announced record annual revenue of $224 million, a year-over-year increase of over 50%. The company's Q4 revenue increased by 27% to $52.4 million compared to Q4 2022, driven by higher service revenue. The company is making progress on new products, services and solutions with significant revenue opportunities across wholesale capacity, legacy, IoT and terrestrial wireless solutions.
Total revenue increased 27% to $52.4 million during the fourth quarter of 2023 compared to the fourth quarter of 2022 due to higher service revenue.
Service revenue increased 35% during the fourth quarter of 2023 due primarily to higher wholesale capacity service revenue.
Adjusted EBITDA increased 37% to $25.1 million for the fourth quarter of 2023 from $18.3 million for the same period in 2022.
Receiving an order from a major retailer for multiple XCOM RAN systems
Revenue by Segment
Forward Guidance
Globalstar's financial outlook for 2024 includes total revenue between $225 million and $250 million and an Adjusted EBITDA margin of approximately 50%.
Positive Outlook
- Total revenue between $225 million and $250 million
- Adjusted EBITDA margin of approximately 50%
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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