Business
Globalstar Announces 2022 Financial Results
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the fourth quarter and year
About this update from Globalstar, Inc.
[{"type":"text","content":" COVINGTON, La.--(BUSINESS WIRE)--\nGlobalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the fourth quarter and year ended December 31, 2022.\n\n\"The events of 2022 altered the trajectory of Globalstar's future in a profound way for our shareholders, lenders, customers, partners, employees and anyone else with a vested interest in Globalstar,\" commented Dave Kagan, Chief Executive Officer of Globalstar. Kagan continued, \"The business experienced a true transformation over the last 12 months including the information filed in the September Form 8-K filing and the capital structure changes announced in yesterday's 8-K filing, and our future is anchored in the value generated from these events. With an improved capital structure and accelerating cash flow, Globalstar has never been as well-positioned as it is today to capitalize on the opportunities at hand. In addition to meaningful operational highlights, we continue to report strong financial results, including 2022 annual revenue growth of 19%. We expect continued revenue growth and rapidly expanding Adjusted EBITDA, which position the Company to execute as a telecom infrastructure provider across our four value drivers, including wholesale, legacy, IoT and terrestrial spectrum efforts. We are also pleased to announce that Globalstar has completed the preliminary design review with MDA and Rocket Lab under the satellite procurement agreement and look forward to continuing to work through the procurement process and providing milestone updates as we approach launch in 2025.\"\n\nJay Monroe, Globalstar Executive Chairman, added, \"Yesterday we announced that Spain has authorized Globalstar to provide complementary terrestrial services over its mobile satellite spectrum via Band 53. This latest terrestrial authorization, our first in Europe, is an important step in the convergence of satellite and mobile terrestrial services globally.\"\n\nFOURTH QUARTER FINANCIAL REVIEW\n\nTotal Revenue\n\nTotal revenue for the fourth quarter of 2022 increased 20% from the fourth quarter of 2021 due to increases in both service revenue and revenue generated from subscriber equipment sales.\n\nService Revenue\n\nService revenue increased 22% in the fourth quarter of 2022 compared to the fourth quarter of 2021 due to revenue generated under our wholesale...