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Globalstar Announces First Quarter 2023 Results
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the quarter ended March 31,
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, 2023.\n\n\n\"Globalstar had record growth in the first quarter, with operating income up over 150% and an over 80% reduction in GAAP net loss, each led by a nearly 80% increase in total revenue over the first quarter of 2022, and we are poised to deliver sustainable revenue growth throughout 2023. Notably, Adjusted EBITDA increased over 200% with a healthy margin of 56%, up from 31% over the prior year's quarter\" commented Dave Kagan, Chief Executive Officer of Globalstar. Kagan continued, “In addition to record financial growth and as highlighted in this release, we continue to execute along our four pillars - wholesale, legacy, IoT and terrestrial spectrum - which together make Globalstar a disruptive player in our industry.\"\n\n\nJay Monroe, Globalstar Executive Chairman, concluded, “It would be hard to ignore the market and speculative implications around the almost daily satellite headlines related to competitive service offerings from new or existing satellite providers. While most alternatives are still in concept and testing mode, Globalstar is today enabling groundbreaking service offerings that are saving lives across our product portfolio. Of course, we do not believe the current market price of our stock reflects our company's value. All we can do is continue to execute.”\n\n\nOPERATIONAL HIGHLIGHTS\n\n\nBalance Sheet Improvements\n\n\nDuring the quarter, we paid off the remaining balances due under the 2019 Facility Agreement and the vendor financing arrangement with MDA, using proceeds from the sale of $200.0 million in aggregate principal amount of non-convertible notes, which were issued net of a 5% OID and financing costs. This final step in a series of achievements completed our balance sheet improvements.\n\n\nCommercial IoT\n\n\nWe recently announced the Realm enablement suite, which is expected to drive efficiency and time to market for the millions of IoT devices in our active sales pipeline. This technology is expected to continue the growth in Commercial IoT, which we discuss further in the Financial Review section below.\n\n\nTerrestrial Spectrum Authority\n\n\nMr. Monroe commented, \"I recently mentioned publicly that we were in negotiations wit...