The following is a summary of the Globalstar, Inc. (GSAT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Globalstar reported a total revenue of $52.4 million during Q4, with the full-year total revenue at $224 million, up 51% over the prior year.

• Service revenue, driven by commercial IoT, grew by 17% in Q4 and for the full year, with both subscriber growth and ARPU contributing to the increase.

• Adjusted EBITDA was $117 million for the full year, a more than 100% increase with a margin of 52%.

• The Company ended the year with cash of $56.7 million, a 77% YoY increase, and net leverage of under 3x.

• 2024 guidance is for total revenue between $225 million and $250 million, and an adjusted EBITDA margin of around 50%.

Business Progress:

• Globalstar has secured a new partnership, a new terrestrial spectrum lease, and a substantial commercial order, generating approximately $5 million in new revenue for 2024.

• Expansion plans include areas like satellite businesses, IoT and wireless services, with particular focus on growth in wholesale satellite services.

• Globalstar is evaluating and exploring future 5G NTN technologies, promising faster speeds and more convenience for customers.

• Record revenue growth of over 17% was experienced in the commercial IoT business in 2023, with goals to amplify this growth in 2024 and beyond.

• The IoT segment collaboration with Global Satellite Engineering (GSE) yielded a low-cost tracking device.

• Key initiatives for 2024 aim to both support and expand the existing revenue stream while also utilizing the company's assets in new ways.

More details: Globalstar IR

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