Globalstar reports Q4 EPS (1c), two estimates 0c

Reports Q4 revenue $52.4M, consensus $52.87M; Adjusted EBITDA increased 37% to $25.1 million for the fourth quarter of 2023 from $18.3 million for the same period in 2022. Higher revenue of $11.4 million was offset partially by a $4.6 million increase in operating expenses “Globalstar had a record year measured by several key performance indicators, led by total revenue of $224 million, an increase of over 50% from 2022. Revenue growth was driven primarily by increases in wholesale capacity services and Commercial IoT. Given the high margin nature of our revenue sources, operating income and Adjusted EBITDA also improved significantly during 2023,” said Rebecca Clary, Chief Financial Officer. Clary continued, “Today, we are issuing guidance for the full year 2024. This guidance includes a revenue increase resulting from our recent operational achievements and other expected growth in the business.” Dr. Paul E. Jacobs, Chief Executive Officer, said, “2023 was a record year for Globalstar because we successfully executed our business plan. Our execution and improved financial performance have enabled us to fund our growth initiatives. We are working on new products, services and solutions with significant revenue opportunities across our four pillars of value: wholesale capacity, legacy, IoT and terrestrial wireless solutions. With our recent operational achievements, we are gaining traction on a number of these initiatives from contracting with a government services company to executing a new terrestrial spectrum agreement and receiving the first commercial order from a major US retailer for multiple XCOM RAN wireless systems. We have momentum and are excited about the year ahead.”