Globalstar, a satellite communications company, reported a significant increase in total revenue for the year ended December 31, 2023. The company's total revenue surged by $75.3 million, or 51%, reaching $223.8 million compared to $148.5 million in the previous year. This growth was driven by a substantial increase in wholesale capacity service revenue, which jumped from $34.9 million in 2022 to $109.1 million in 2023. Service revenue from subscriber services like Duplex, SPOT, and Commercial IoT also contributed to the overall revenue, with Duplex service revenue experiencing a decrease due to fewer average subscribers, while SPOT and Commercial IoT service revenues saw increases due to higher average subscribers and ARPU. Equipment sales also saw an uptick, with SPOT equipment sales rising by 31% and Commercial IoT equipment sales by 17%. Operating...Show More

Globalstar, a satellite communications company, reported a significant increase in total revenue for the year ended December 31, 2023. The company's total revenue surged by $75.3 million, or 51%, reaching $223.8 million compared to $148.5 million in the previous year. This growth was driven by a substantial increase in wholesale capacity service revenue, which jumped from $34.9 million in 2022 to $109.1 million in 2023. Service revenue from subscriber services like Duplex, SPOT, and Commercial IoT also contributed to the overall revenue, with Duplex service revenue experiencing a decrease due to fewer average subscribers, while SPOT and Commercial IoT service revenues saw increases due to higher average subscribers and ARPU. Equipment sales also saw an uptick, with SPOT equipment sales rising by 31% and Commercial IoT equipment sales by 17%. Operating expenses decreased by 39% to $224.0 million in 2023 from $369.5 million in 2022, primarily due to non-recurring reductions in the value of inventory and long-lived assets that occurred in 2022. The company's liquidity position improved, with cash and cash equivalents rising to $56.7 million at the end of 2023 from $32.1 million at the end of 2022. Globalstar's debt increased to $398.7 million at the end of 2023, up from $202.8 million at the end of 2022, due to the issuance of 2023 13% Notes and amendments to the 2021 Funding Agreement. The company's future plans include the acquisition of new satellites under a procurement agreement with MDA, expected to be delivered by 2025, and a launch services agreement with SpaceX for a launch window from April to September 2025.