Business
GlobalTech Corporation Announces Fourth Quarter and Year End 2024 Results
GlobalTech Corporation Announces Fourth Quarter and Year End 2024 Results.
About this update from Globaltech Corp
[{"type":"text","content":"\n RENO, Nev., March 28, 2025 (GLOBE NEWSWIRE) -- GlobalTech Corporation (GTC, OTC:GTLK) (“GlobalTech” or the “Company”), a leading U.S.-based technology investment holding company, today announced financial results for the year ending December 31, 2024. Full-Year 2024 Financial Highlights: Net Revenue surged 72% in 2024, reaching $18.3 million, up from $10.6 million in the previous year.Operating Loss improved significantly, narrowing to $4.1 million in 2024, down from a loss of $10.5 million in 2023, positively impacted by strong revenue growth. As a percentage of revenue, operating loss improved to 22% in 2024, down from 99% in 2023, primarily due to revenue growing at a significantly faster rate than direct operating costs.Net Loss declined to $3.0 million in 2024, compared to $8.3 million in the prior year.Cash and cash equivalents were $822,251 as of December 31, 2024. Dan Green, GlobalTech CEO commented, \"GlobalTech, a leading provider of broadband and telecommunications services in Pakistan, achieved remarkable growth in 2024, with a 72% increase in revenue and a significant reduction in losses. The demand for our Fiber to the Home (FTTH) broadband continues to surge, as Worldcall Telecom Limited’s customers increasingly upgrade their cable systems. We anticipate this strong momentum to continue as we advance our implementation. Meanwhile, we are actively exploring new expansion opportunities across multiple verticals and evaluating the potential for an uplisting to the Nasdaq market.” Detailed financial information can be found on the Company’s Annual Report on Form 10-K 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. Worldcall has substantial deployments in Long Distance and International (LDI), broadband, metro fiber optic networks, and media playout facilities for its cable operations. Worldcall has deployed approximately 2,000 km of metro fiber in 20 cities across Pakistan to provide its customers with internet and television service with a potential service footprint of 3.2 million homes. GlobalTech owns, directly and indirectly through associates, an aggregate of around 55% of Worl...