Globalstar Announces Third Quarter 2021 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, 2021.\n\nDave Kagan, Chief Executive Officer of Globalstar, commented, “We are pleased with the continued positive momentum in SPOT and Commercial IoT as the associated service and equipment revenue are each up from the third quarter 2020. The significant increase in equipment sales following the COVID-related headwinds that impacted demand in 2020 is a clear indicator of a rebound in these areas of the business. SPOT activations continued at record levels with LTM gross activations up 17% from the prior period, while Commercial IoT activations have continued to increase since the fourth quarter of 2020 and churn was 11% lower over the last twelve months compared to the prior year period. We have also expanded our partner network across both service lines as we pursued opportunities in new Commercial IoT verticals and initiated distribution across new SPOT retailers. We expect this momentum to continue as we look into next year, and are especially excited about our developmental progress of the two-way IoT module, with capabilities that include both tracking as well as command control. Combined with a recently revamped partner engagement strategy for Commercial IoT, we anticipate a sea change when new two-way product availability is combined with an enhanced sales model for our reseller partners as we begin to compete in a large, established two-way market.\"\n\nKagan continued, \"As we grow our SPOT partner ecosystem and subscriber base, we are broadening the scope of users who rely on our life-saving technology. I would like to share one real-life SPOT save this quarter which highlights the critical nature of our services – a single example that may not have made national headlines but, like so many other saves, touched the hearts of our employees and the SPOT subscriber family. Last month, a customer reached out to us directly to thank us for the life-saving technology that we have embedded in our SPOT personal communication devices and shared his story. After being injured and stranded on a remote trail, without the accuracy of our GPS technology and speed of our emergency response services, this customer would have remained stranded in Lake Pleasant Regional Park....

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