Globalstar, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. The company reported a record annual revenue of $250.3 million, a 12% increase from 2023, driven by higher wholesale capacity services and Commercial IoT growth.
For the full year 2024, adjusted EBITDA reached a record $135.3 million, representing a 54% margin, up 16% from $116.7 million in 2023. The net loss for 2024 was $63.2 million, primarily due to non-operating items like a loss on extinguishment of debt and foreign currency fluctuations.
Globalstar reiterated its full-year 2025 financial guidance, projecting revenue in the range of $260 million to $285 million and an adjusted EBITDA margin of approximately 50%. This anticipated margin compression is attributed to strategic investments in XCOM RAN and MSS product development, which are expected to generate revenue within 12 to 18 months.
Cash and cash equivalents stood at $391.2 million as of December 31, 2024, significantly up from $56.7 million in 2023, largely due to $689 million in cash payments received from its largest customer under the Updated Services Agreements. These funds were used to pay off the 2023 13% Notes and fund capital expenditures for the Extended MSS Network.
Dr. Paul E. Jacobs, CEO, highlighted key initiatives in 2024, including product portfolio enhancements for consumer and government defense markets, new partnerships with Parsons Corporation and Peiker Holding Company, and the expansion of its wholesale capacity arrangement. He also noted the first live demonstration of XCOM RAN technology at the December investor day.
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