Globalstar Announces First Quarter 2021 Results

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 quarter ended March 31, 2021.\n\nDave Kagan, Chief Executive Officer of Globalstar, commented, “We are pleased to see recent signs of recovery in our Commercial IoT sales channel with both service and equipment revenue higher than pre-pandemic levels in the first quarter of 2020. We expected to return to pre-COVID sales levels by the second half of this year and that expectation proved to be conservative. Our sales pipeline remains robust and diverse and we're excited to see this recent momentum. Over the last several months we have made numerous strategic decisions to align our overall business model with our expectations for growth in the Commercial IoT space, from organizational changes to network infrastructure upgrades and product development efforts, and we believe these refinements have positioned us for success.\n\n\"Our Commercial IoT pipeline has grown meaningfully over the last several weeks, including a large opportunity, potentially north of 100,000 units, that we are actively pursuing for remote monitoring in the alternative energy segment. If we secure it, this deployment would drive significant efficiencies in the customer's operations and could serve as a catalyst for similar use cases in the future. Additionally, last month, we shipped the first 10,000 Commercial IoT units for the animal tracking deployment with our Australian partner, Ceres Tag. We believe animal tracking is a significant opportunity for Globalstar given not only its market size and the industry's need to improve food supply chain integrity, but also because our network is uniquely designed to fulfill this need at a device size and price point unmatched in the satellite industry.\n\n\"We are also making significant progress with our initiative to upgrade certain gateway equipment known as appliques. The impetus for this initiative is to support large opportunities like animal tracking to ensure that our network performance continues to excel as capacity needs grow. Our partner has delivered test results that have exceeded our specifications in terms of system efficiency and latency, with one applique delivering an overall capacity increase of 8X and another applique proving capable of sending equivalent data wh...

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