Globalstar Q1 2024 net loss $13.2M, Adj EBITDA $29.6M; reiterates FY revenue $225M-$250M

Globalstar, Inc.

2024-Q1 EPS reported -$0.01 revenue$56,480,000

Service revenue up $0.5M YoY; excluding nonrecurring items, up 7% YoY. Subscriber equipment sales down $2.7M vs record prior-year quarter.
Loss from operations $4.7M vs income of $7.2M in Q1 2023; net loss widened to $13.2M from $3.5M.
New govt contract POC started Feb 2024 ($2.5M); potential 5-yr agreement with min revenue escalating to $20M in year 5.
XCOM RAN commercial deliveries began April 2024 for major retailer; tests showed 4x-5x capacity gains; part of govt 5G study.
Cash $59.3M; FY2024 guidance reaffirmed: total revenue $225M-$250M, Adj EBITDA margin ~50%.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Globalstar, Inc. updated its the first quarter ended March 31, 2024 guidance (reaffirmed).

Period: the first quarter ended March 31, 2024
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On May 8, 2024, Globalstar, Inc. (the "Company") issued a press release announcing the Company's financial and operating results for the three months ended March 31, 2024.

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Source: SEC EDGAR

accession 0001366868-24-000067

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