Business
Globalstar Announces Second Quarter 2020 Results
COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the quarter ended June 30,
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 June 30, 2020.\n\n\nDave Kagan, Chief Executive Officer of Globalstar, commented, \"Globalstar recorded improved overall profitability for the second quarter, and I am pleased with our ability to continue to execute our business plan on so many fronts even in the face of the extreme adversity that COVID-19 presents. We continue to see the negative impacts of the pandemic and the oil and gas industry downturn on our revenue, particularly with lower customer demand of our Commercial IoT products. While we recognize that we are experiencing unprecedented times, our confidence in the future expansion of our Commercial IoT business remains and the execution of our product development efforts continues. Just this quarter, we introduced three new products, including the ST100, the latest satellite transmitter in our family of Commercial IoT solutions. Intended for rapid development in partnership with our resellers, the ST100 is a low-cost data modem suitable for any commercial market that needs remote data connectivity. Utility contractor Potelco will be a launch customer of the ST100 through our partnership with Recon Dynamics. Potelco operates from 12 offices spread around the Pacific Northwest with 1,100 employees utilizing over 3,500 pieces of equipment. We expect there to be many more companies with needs similar to Potelco.\"\n\n\nMr. Kagan continued, \"The other two devices recently launched expand our award-winning SPOT family of products, the SPOT Gen4™ and the Jeep branded SPOT X®. The SPOT Gen4™ is the latest generation of our SPOT Satellite GPS Messenger™ and offers increased functionality with more tracking features, an enhanced mapping interface, improved product specifications, and a modern look and feel. The launch of the exclusive SPOT X® Jeep® Edition 2-way satellite messenger is the first product launch since SPOT recently entered a licensing deal with the Jeep brand. We are excited about the potential for these products and look forward to the full rollout in the third quarter. In addition to product development efforts, we also continued to make progress with improving our global gateway performance and coverage through ongoing efforts to develop and deploy new gatewa...