Globalstar Q2 revenue $60.4M, raises FY2024 outlook; Adj. EBITDA up 20%

Globalstar, Inc.

2024-Q2 EPS reported -$0.01 revenue$116,865,000

Total revenue $60.4M (+10% YoY); service revenue up 18% on wholesale capacity growth.
Net loss $9.7M vs $0.1M net income year ago; Adjusted EBITDA $32.6M (+20%).
Commercial IoT service revenue record $6.7M, up 25% YoY; subscriber activations up 20% QoQ.
FY2024 revenue guidance raised to $235-250M (low end from $225M); Adj. EBITDA margin 53% (from 50%).
Cash and equivalents $64.3M, up from $56.7M at Dec 2023; operating cash flow $66.5M H1.

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