Globalstar, Inc. announced its financial results for the first quarter ended March 31, 2025. Total revenue for the quarter increased 6% year-over-year to $60.0 million, driven primarily by higher wholesale capacity services.
The company reported a net loss of $17.3 million for the quarter, predominantly influenced by non-cash items. Adjusted EBITDA for the first quarter was $30.4 million, up from $29.6 million in Q1 2024, reflecting a margin of 51%.
Globalstar reiterated its full-year 2025 financial guidance, expecting revenue in the range of $260 million to $285 million and an Adjusted EBITDA margin of approximately 50%. Management noted that the global trade environment remains dynamic, but direct exposure to tariffs is relatively limited, with levers available to mitigate potential long-term impacts.
Dr. Paul E. Jacobs, CEO, expressed satisfaction with the progress made in advancing the company's strategy and deepening its presence across key markets. He highlighted the successful launch of the two-way satellite IoT solution and the addition of proven leaders to the management team as key achievements for the quarter.
Cash and cash equivalents decreased to $241.4 million as of March 31, 2025, from $391.2 million at December 31, 2024, primarily due to $190.6 million in capital expenditures for commitments under the Updated Services Agreements. Net cash generated from operations was $51.9 million, and adjusted free cash flow was $47.6 million, up from $19.9 million in the prior year, boosted by $22.5 million in accelerated service payments.
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