Globalstar, a provider of Mobile Satellite Services (MSS), reported a net loss of $9.683 million for the three months ended June 30, 2024, compared to a net income of $9 thousand for the same period in 2023. The net loss for the six months ended June 30, 2024, widened to $22.879 million from a loss of $3.471 million in the previous year. The company's total revenue increased by 10% to $60.4 million for the quarter and by 3% to $116.9 million for the six-month period, driven by growth in wholesale capacity service revenue, which rose by $9.2 million and $10.4 million, respectively, for the three and six months ended June 30, 2024. This growth was attributed to fixed service fees under the Service Agreements and a new agreement with a government services company. However, service...Show More

Globalstar, a provider of Mobile Satellite Services (MSS), reported a net loss of $9.683 million for the three months ended June 30, 2024, compared to a net income of $9 thousand for the same period in 2023. The net loss for the six months ended June 30, 2024, widened to $22.879 million from a loss of $3.471 million in the previous year. The company's total revenue increased by 10% to $60.4 million for the quarter and by 3% to $116.9 million for the six-month period, driven by growth in wholesale capacity service revenue, which rose by $9.2 million and $10.4 million, respectively, for the three and six months ended June 30, 2024. This growth was attributed to fixed service fees under the Service Agreements and a new agreement with a government services company. However, service revenue from Duplex and SPOT decreased due to fewer average subscribers. Globalstar's operating expenses also increased, with cost of services rising due to network expansion and gateway operating costs. Stock-based compensation expenses saw a significant increase due to RSUs granted to executives. The company's liquidity position included cash and cash equivalents of $64.3 million as of June 30, 2024. Globalstar's business development included a lease agreement with Thermo Covington, LLC for its headquarters, a perpetual preferred stock ownership by Thermo, and service agreements with a lock-up and right of first offer agreement. The company's future plans involve leveraging its competitive advantages in wholesale satellite capacity, communications products and services, and terrestrial spectrum and network solutions, as well as the integration of licensed technology from XCOM Labs, Inc. into its business.