Globalstar Announces Third Quarter 2020 Results

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[{"type":"text","content":" COVINGTON, La.--(BUSINESS WIRE)--\nGlobalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the quarter ended September 30, 2020.\n\nDave Kagan, Chief Executive Officer of Globalstar, commented, “We are pleased to be in the home stretch of 2020. This year has obviously not been what we expected, but we have enjoyed a few victories, while also enduring the challenges presented by the pandemic. The lingering impact of the oil and gas industry downturn has temporarily altered the trajectory of our Commercial IoT growth, but we remain focused on this area of our business because we believe it will be a significant driver of future profitability. We strongly believe that over the long-term Globalstar’s largest satellite business opportunities are in providing reliable connectivity around the globe for low bit rate IoT data, as well as emergency messaging and tracking for both consumers and enterprises, so we are continuing to pursue these strategies. Our product lineup and many strategic initiatives target the expansion of our Commercial IoT reseller relationships and device offerings.\"\n\nKagan continued, \"One ongoing initiative includes a recently executed contract with a global leader in the design and manufacture of remote monitoring and tracking solutions, who has been engaged to upgrade certain gateway equipment to deliver expanded capacity and improved performance. In connection with this partnership, we are also developing new two-way Commercial IoT modems, which we believe will provide immense opportunities in this expanding space. We are developing these modems in close coordination with our VARs and potential end customers so they may address specific market verticals competitively with other solutions. Our previously announced one-way IoT board, the ST100, is also in its product infancy with many ongoing trials. One of our largest opportunities is animal tracking to assure food supply chain integrity. Given its sheer market size, these investments in modems and infrastructure allow us to fulfill this need at a size and price no other satellite providers have been able to touch.\n\n\"Another important component of our business plan has been leveraging the immense brand equity in our SPOT family of products. During the third quarter of 2020, we activated a record number of SPOT subsc...

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