Globalstar Revenue Spikes 27% Despite Missing Estimates, Projects Further Growth As Satellite Services Expand

Benzinga02-28

Globalstar, Inc (NYSE: GSAT) reported fourth-quarter fiscal 2023 sales growth of 27% year-on-year to $52.4 million, missing the consensus of $52.9 million.

Revenue jumped on increases in service revenue.

The mobile satellite voice and data services provider’s EPS for the quarter was $0.01, compared with the consensus of $0.00. The stock price declined after the results.

Adjusted EBITDA was $25.1 million in the quarter, an increase of 37% Y/Y.

The loss from operations increased 29% to $11.99 million.

Net loss was $(15.08) million in the quarter, compared to a net loss of $(5.34) million a year ago.

GSAT held cash and equivalents of $56.7 million as of December 31, 2023.

“With our recent operational achievements, we are gaining traction on a number of these initiatives, from contracting with a government services company to executing a new terrestrial spectrum agreement and receiving the first commercial order from a major US retailer for multiple XCOM RAN wireless systems,” CEO Paul E. Jacobs said.

FY24 Outlook: Globalstar expects revenue of $225 million – $250 million against the consensus of $251.5 million.

It expects adjusted EBITDA margin of approximately 50%.

Price Action: GSAT shares are trading lower by 3.45% at $1.68 premarket on the last check Wednesday.

Image: Shutterstock

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