Globalstar, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Globalstar, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and business operations.</b>

AI Summary

Globalstar, Inc. (GSAT) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Globalstar, Inc. filed a 10-Q report on May 8, 2024, for the fiscal quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is identified under SIC code 4899 (Communication Services, NEC). Globalstar, Inc. is incorporated in Delaware and has a fiscal year end of December 31. The filing includes financial data related to common stock, preferred stock, and retained earnings for various periods.

Why It Matters

For investors and stakeholders tracking Globalstar, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the most recent financial performance and operational status of Globalstar, Inc. Understanding the details within this report is crucial for assessing the company's financial health, strategic direction, and potential investment value.

Risk Assessment

Risk Level: low — Globalstar, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and operational performance for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-08 — Filing Date (Date the report was filed)
• 4899 — SIC Code (Industry classification)

Key Players & Entities

• Globalstar, Inc. (company) — Filer and subject of the report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filing date
• 4899 (other) — Standard Industrial Classification code
• DE (other) — State of incorporation

FAQ

Industry Context

Globalstar operates in the communication services sector, providing satellite-based voice and data services.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Service, Product) for Q1 2024 and compare it to Q1 2023.
2. Examine the balance sheet details, including common stock, preferred stock, and retained earnings, as of March 31, 2024, and compare to prior periods.
3. Review any disclosed notes or risk factors that may impact the company's financial position or future operations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date Globalstar, Inc. submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and represents the most recent financial update compared to previous filings.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share GSAT NYSE American Indicate

Filing Documents

• gsat-20240331.htm (10-Q) — 684KB
• gsat-20240331x10qxex311.htm (EX-31.1) — 11KB
• gsat-20240331x10qxex312.htm (EX-31.2) — 11KB
• gsat-20240331x10qxex321.htm (EX-32.1) — 5KB
• gsat-20240331x10qxex322.htm (EX-32.2) — 5KB
• 0001366868-24-000069.txt (&nbsp;) — 4379KB
• gsat-20240331.xsd (EX-101.SCH) — 31KB
• gsat-20240331_cal.xml (EX-101.CAL) — 59KB
• gsat-20240331_def.xml (EX-101.DEF) — 249KB
• gsat-20240331_lab.xml (EX-101.LAB) — 442KB
• gsat-20240331_pre.xml (EX-101.PRE) — 323KB
• gsat-20240331_htm.xml (XML) — 467KB

- F INANCIAL INFORMATION

PART I - F INANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 20

Controls and Procedures

Item 4. Controls and Procedures. 20

- O THER INFORMATION

PART II - O THER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 22

Risk Factors

Item 1A. Risk Factors. 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 22

Other Information

Item 5. Other Information. 22

Exhibits

Item 6. Exhibits. 23

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. GLOBALSTAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 Revenue: Service revenue $ 53,465 $ 52,954 Subscriber equipment sales 3,015 5,690 Total revenue 56,480 58,644 Operating expenses: Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 16,759 11,820 Cost of subscriber equipment sales 2,158 4,309 Marketing, general and administrative 10,646 9,631 Stock-based compensation 9,227 3,760 Reduction in the value of long-lived assets 305 — Depreciation, amortization and accretion 22,097 21,933 Total operating expenses 61,192 51,453 (Loss) income from operations ( 4,712 ) 7,191 Other (expense) income: Loss on extinguishment of debt — ( 10,403 ) Interest income and expense, net of amounts capitalized ( 3,785 ) ( 2,032 ) Foreign currency (loss) gain ( 3,842 ) 1,907 Other ( 849 ) ( 99 ) Total other expense ( 8,476 ) ( 10,627 ) Loss before income taxes ( 13,188 ) ( 3,436 ) Income tax expense 8 44 Net loss $ ( 13,196 ) $ ( 3,480 ) Other comprehensive loss: Foreign currency translation adjustments 2,393 ( 1,429 ) Comprehensive loss $ ( 10,803 ) $ ( 4,909 ) Net loss attributable to common shareholders (Note 7:) ( 15,840 ) ( 6,095 ) Net loss per common share: Basic $ ( 0.01 ) $ 0.00 Diluted ( 0.01 ) 0.00 Weighted-average shares outstanding: Basic 1,882,605 1,811,831 Diluted 1,882,605 1,811,831 See accompanying notes to unaudited interim condensed consolidated financial statements. 1 GLOBALSTAR, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 59,282 $ 56,744 Accounts receivable, net of allowance for credit losses of $ 1,585 and $ 2,312 , respectively 42,830 48,743 Inventory 14,407 14,

View Full Filing

View this 10-Q filing on SEC EDGAR