Business
GlobalTech Corporation Announces First Quarter 2025 Results
GlobalTech Corporation Announces First Quarter 2025 Results.
About this update from Globaltech Corp
[{"type":"text","content":"\r\n\r\n \r\n \r\n GlobalTech Corporation Announces First Quarter 2025 Results\r\n \r\n \r\n\r\n\r\nGlobalTech Corporation Announces First Quarter 2025 Results\r\n\r\n\r\n\r\n\r\n\r\nRENO, Nev., May 08, 2025 (GLOBE NEWSWIRE) -- GlobalTech Corporation (GTC, OTC:GTLK)(“GlobalTech” or the “Company”), a leading U.S.-based technology investment holding company and a leading provider of broadband and telecommunication services in Pakistan, today announced its financial results for the first quarter ending March 31, 2025. Recent Corporate Highlights: \r\n Entered into Acquisition Agreement with Crickslab, acquiring a core engine with complete source code for further development into baseball league management system\r\n Q1 Financial Highlights \r\n Net Revenue increased to $4.3 million, up 17.3% over the first quarter of 2024\r\n Telecom service revenue increased by 4.9% over the first quarter of 2024\r\n Broadband services revenue increased by 195.6% over the prior-year period, representing 16% of gross revenue\r\n Operating loss improved to $(0.9) million, from $(1.2) million in the year-ago period\r\n Operating margins improved to negative 21.7%, versus negative 31%, in the year-ago period, up 930 basis points\r\n Net Loss declined to $1.1 million in 2025, compared to $1.4 million in the year-ago period\r\n Total cash and cash equivalents were $3.0 million as of March 31, 2025, including $2.7 million of restricted cash\r\n Dan Green, GlobalTech CEO commented, \"We continued to experience significant growth and margin improvement during the first quarter. Our broadband services revenue increased by 196% in the first quarter, driven by a significant increase in broadband revenue. This segment now represents 16% of gross revenue, up from 6.3% in the first quarter of 2024. The stronger revenue growth contributed to margin improvement as gross margins improved 620 basis points to 9.4% and operating margins improving 930 basis points to negative 21.7%.\" Detailed financial information can be found on the Company’s Website and in the Company’s Quarterly Report on Form 10-Q filed today with the Securities and Exchange Commission at www.sec.gov. About Worldcall Telecom Limited (www.worldcall.net.pk)Worldcall Telecom Limited (PSX:WTL) is a publicly listed telecom and media operator in Pakistan. Worldc...