Globalstar, a provider of Mobile Satellite Services (MSS), reported a net loss of $13.2 million for the first quarter of 2024, widening from a net loss of $3.5 million in the same period of 2023. The adjusted net loss attributable to common shareholders was $15.8 million, compared to $6.1 million in the prior year. Total revenue for the quarter decreased slightly to $56.5 million from $58.6 million year-over-year. The company's service revenue, which includes Duplex, SPOT, Commercial IoT, and wholesale capacity services, constituted 94% of the total revenue, with wholesale capacity services accounting for 56% of the total. Globalstar's operating expenses rose to $61.2 million, a 19% increase from the previous year, primarily due to network expansion and associated costs. The company has entered into a satellite procurement...Show More

Globalstar, a provider of Mobile Satellite Services (MSS), reported a net loss of $13.2 million for the first quarter of 2024, widening from a net loss of $3.5 million in the same period of 2023. The adjusted net loss attributable to common shareholders was $15.8 million, compared to $6.1 million in the prior year. Total revenue for the quarter decreased slightly to $56.5 million from $58.6 million year-over-year. The company's service revenue, which includes Duplex, SPOT, Commercial IoT, and wholesale capacity services, constituted 94% of the total revenue, with wholesale capacity services accounting for 56% of the total. Globalstar's operating expenses rose to $61.2 million, a 19% increase from the previous year, primarily due to network expansion and associated costs. The company has entered into a satellite procurement agreement to acquire new satellites and a Launch Services Agreement with SpaceX for launches in 2025. Globalstar's business strategy focuses on delivering wholesale satellite capacity, communications products and services, and terrestrial spectrum and network solutions. The company's subscriber count as of March 31, 2024, was approximately 781,000 worldwide, with a 9% increase in Commercial IoT devices over the last twelve months.