Globalstar, a provider of Mobile Satellite Services (MSS), reported a significant turnaround in its financial performance for the third quarter ended September 30, 2024. The company posted a net income of $9.934 million, a stark contrast to the net loss of $6.169 million in the same quarter of the previous year. The adjusted net income attributable to common shareholders was $7.261 million for the quarter, compared to a loss of $8.842 million in the prior year. Basic and diluted net income per common share both stood at $0.00, maintaining the same level as the previous year despite the shift from loss to profit. The company's weighted average shares outstanding - diluted increased to 1,910,061 from 1,836,251 year-over-year. In business development, Globalstar announced amendments to the Service Agreements...Show More

Globalstar, a provider of Mobile Satellite Services (MSS), reported a significant turnaround in its financial performance for the third quarter ended September 30, 2024. The company posted a net income of $9.934 million, a stark contrast to the net loss of $6.169 million in the same quarter of the previous year. The adjusted net income attributable to common shareholders was $7.261 million for the quarter, compared to a loss of $8.842 million in the prior year. Basic and diluted net income per common share both stood at $0.00, maintaining the same level as the previous year despite the shift from loss to profit. The company's weighted average shares outstanding - diluted increased to 1,910,061 from 1,836,251 year-over-year. In business development, Globalstar announced amendments to the Service Agreements, which included the establishment of an Extended MSS Network to be owned by Globalstar Licensee, LLC and operated by the company. This network expansion is supported by a $400 million investment from a customer for a 20% equity interest in Globalstar SPE. The customer will also make a substantial infrastructure prepayment of up to $1.1 billion to fund the construction of the Extended MSS Network. Additionally, Globalstar has entered into a launch services agreement with SpaceX for the deployment of new satellites. Looking ahead, Globalstar anticipates the full paydown of the 2024 Prepay Agreement and the redemption of the Customer Class B Units within the new satellites' design life. The company also expects to offset amounts payable to the customer with amounts payable by the customer. Globalstar's future plans include leveraging its competitive advantages in wholesale satellite capacity, communications products and services, and terrestrial spectrum and network solutions to drive growth and innovation.