Summary by Moomoo AI
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
