Globalstar Q2 revenue +21% YoY; record Adjusted EBITDA $14.6M up 49%

Globalstar, Inc.

2022-Q2 EPS reported -$0.03 revenue$69,572,000

Revenue grew $6.5M (+21% YoY) driven by service revenue up $7.4M; equipment sales down $0.9M due to supply chain.
Adjusted EBITDA reached record $14.6M (+49% YoY); net loss widened to $26.8M on non-cash items.
Signed binding deal for 23,000 SmartOne IoT devices, largest single IoT order in company history.
Production of core SPOT and IoT devices to resume in H2 2022 after component shortages; backorders accumulated.
Satellite procurement agreement with MDA for 17 spacecraft on track; financing for satellite costs being pursued.

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