Globalstar (GSAT) posted a net loss of $9.7 million for the second quarter of 2024, compared to net income of less than $0.1 million for the second quarter of 2023. Loss per share was $0.01 compared to breakeven. The company said this variance was due primarily to a loss from operations as well as unfavorable fluctuations in foreign currency gains and losses due to the remeasurement of intercompany balances. Loss from operations was $1.4 million, compared to income from operations of $2.6 million. This variance was due primarily to higher operating expenses, the company said. Adjusted EBITDA increased 20% to $32.6 million, due primarily to an increase in high margin service revenue.
Second quarter total revenue increased 10% to $60.4 million, due to an increase in service revenue offset partially by a decrease in revenue generated from subscriber equipment sales. Service revenue increased 18%.
The company increased financial outlook for full year 2024. Total revenue is projected between $235 million and $250 million, an increase from the prior guidance range of $225 million to $250 million. The company expects adjusted EBITDA margin of approximately 53%.
Shares of Globalstar are up 5% in pre-market trade on Thursday.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.