Globalstar, Inc. Annual Report, Year Ended Dec 31, 2024

Globalstar, Inc. reported significant revenue growth in its 2024 fiscal year, driven primarily by its wholesale capacity services, which saw a 33% increase. This growth was largely attributable to expanded services provided under the Updated Services Agreements, which now represent 58% of total revenue. The company continues to invest heavily in its satellite network, including the procurement of over 50 new satellites for the Extended MSS Network and significant capital expenditures on network upgrades, funded in part by substantial prepayments from its key customer. Despite the top-line growth, Globalstar recorded a net loss of $63.2 million for the year. This was influenced by a $27.4 million loss on extinguishment of debt and increased operating expenses, particularly in cost of services due to network expansion, and higher stock-based compensation. The company also experienced a significant foreign currency loss of $16.6 million. Globalstar's liquidity position improved considerably, with cash and cash equivalents increasing to $391.2 million from $56.7 million, largely due to customer prepayments. The company successfully refinanced its 2023 13% Notes and remains focused on executing its long-term network development strategy.