Globalstar Q3 revenue up 53% to $57.7M; raises FY guidance to $215-230M

Globalstar, Inc.

2023-Q3 EPS reported -$0.01 revenue$171,399,000

Q3 total revenue $57.7M (+53% YoY); net loss narrowed to $6.2M from $204.4M loss a year ago.
Adjusted EBITDA $32.0M (+125% YoY); full-year 2023 revenue guidance raised to $215-230M (45-55% growth).
Service revenue +61% driven by wholesale; Commercial IoT revenue +36% with record gross activations.
SPOT equipment sales +12% YoY; all SPOT products now in normal production.
Cash and cash equivalents $64.1M at Sept 30, 2023, up from $32.1M at Dec 31, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Globalstar, Inc. reported the third quarter of 2023 results: revenue $57.7 million, net income $6.2 million. Guidance raised.

Period: the third quarter of 2023
Revenue: $57.7 million
Net income: $6.2 million
Guidance: raised
Result: reported results

Exact text from the filing

Total revenue increased $20.1 million, or 53%, to $57.7 million during the third quarter of 2023 compared to the third quarter of 2022, due to higher service revenue.

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Source: SEC EDGAR

accession 0001366868-23-000137

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