Globalstar, Inc. Files Q2 2024 10-Q
Ticker: GSAT · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1366868
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: GSAT
TL;DR
GSAT Q2 10-Q filed. Financials and ops update out.
AI Summary
Globalstar, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segment revenues are presented, reflecting the company's ongoing activities in the communication services sector.
Why It Matters
This filing provides investors with the latest financial health and operational performance of Globalstar, Inc., crucial for understanding its current market position and future prospects.
Risk Assessment
Risk Level: medium — The company operates in a competitive and rapidly evolving telecommunications sector, which presents inherent risks.
Key Players & Entities
- Globalstar, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240808 (date) — Filing date
FAQ
What were Globalstar's service revenues for the three months ended June 30, 2024?
The filing indicates service revenues for the three months ended June 30, 2024, are presented, though the specific dollar amount is not detailed in this header information.
What were Globalstar's product revenues for the six months ended June 30, 2024?
The filing references product revenues for the six months ended June 30, 2024, but the exact figure is not provided in this summary.
What is the fiscal year end for Globalstar, Inc.?
Globalstar, Inc.'s fiscal year ends on December 31.
What is the SEC file number for this Globalstar, Inc. 10-Q filing?
The SEC file number for this filing is 001-33117.
What is the primary SIC code for Globalstar, Inc.?
The Standard Industrial Classification (SIC) code for Globalstar, Inc. is 4899, categorized under COMMUNICATION SERVICES, NEC.
Filing Stats: 4,640 words · 19 min read · ~15 pages · Grade level 15.8 · Accepted 2024-08-08 09:23:20
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share GSAT NYSE American Indicate
Filing Documents
- gsat-20240630.htm (10-Q) — 812KB
- gsat20240630-ex101.htm (EX-10.1) — 113KB
- gsat-20240630x10qxex311.htm (EX-31.1) — 11KB
- gsat-20240630x10qxex312.htm (EX-31.2) — 11KB
- gsat-20240630x10qxex321.htm (EX-32.1) — 5KB
- gsat-20240630x10qxex322.htm (EX-32.2) — 5KB
- 0001366868-24-000097.txt ( ) — 4872KB
- gsat-20240630.xsd (EX-101.SCH) — 31KB
- gsat-20240630_cal.xml (EX-101.CAL) — 59KB
- gsat-20240630_def.xml (EX-101.DEF) — 257KB
- gsat-20240630_lab.xml (EX-101.LAB) — 471KB
- gsat-20240630_pre.xml (EX-101.PRE) — 338KB
- gsat-20240630_htm.xml (XML) — 511KB
- 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. 14
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 21
Controls and Procedures
Item 4. Controls and Procedures. 21
- O THER INFORMATION
PART II - O THER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings. 23
Risk Factors
Item 1A. Risk Factors. 23
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 23
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 23
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 23
Other Information
Item 5. Other Information. 23
Exhibits
Item 6. Exhibits. 24
- 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenue: Service revenue $ 57,635 $ 48,648 $ 111,100 $ 101,602 Subscriber equipment sales 2,750 6,424 5,765 12,114 Total revenue 60,385 55,072 116,865 113,716 Operating expenses: Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 18,114 12,246 34,873 24,066 Cost of subscriber equipment sales 2,066 5,662 4,224 9,971 Marketing, general and administrative 10,353 10,122 20,999 19,753 Stock-based compensation 9,164 2,532 18,391 6,292 Reduction in the value of long-lived assets — — 305 — Depreciation, amortization and accretion 22,110 21,890 44,207 43,823 Total operating expenses 61,807 52,452 122,999 103,905 (Loss) income from operations ( 1,422 ) 2,620 ( 6,134 ) 9,811 Other (expense) income: Loss on extinguishment of debt — — — ( 10,403 ) Interest income and expense, net of amounts capitalized ( 3,644 ) ( 5,070 ) ( 7,429 ) ( 7,102 ) Foreign currency (loss) gain ( 4,493 ) 2,038 ( 8,335 ) 3,945 Other 58 447 ( 791 ) 348 Total other expense ( 8,079 ) ( 2,585 ) ( 16,555 ) ( 13,212 ) (Loss) income before income taxes ( 9,501 ) 35 ( 22,689 ) ( 3,401 ) Income tax expense 182 26 190 70 Net (loss) income $ ( 9,683 ) $ 9 $ ( 22,879 ) $ ( 3,471 ) Other comprehensive loss: Foreign currency translation adjustments 1,864 ( 1,307 ) 4,257 ( 2,736 ) Comprehensive loss $ ( 7,819 ) $ ( 1,298 ) $ ( 18,622 ) $ ( 6,207 ) Net loss attributable to common shareholders (Note 7:) ( 12,327 ) ( 2,635 ) ( 28,167 ) ( 8,730 ) Net loss per common share: Basic $ ( 0.01 ) $ 0.00 $ ( 0.01 ) $ 0.00 Diluted ( 0.01 ) 0.00 ( 0.01 ) 0.00 Weighted-average shares outstanding: Basic 1,884,208 1,813,393 1,883,406 1,812,617 Diluted 1,884,208 1,813,393 1,883,406