Advanced Television

Globalstar Q1 revenues rise

May 8, 2023

By Chris Forrester

Globalstar is a fast-growing mobile satellite operator which has struck a dramatic deal with Apple for connecting Apple’s latest smart phones to its satellite-based services.

Its latest numbers show a 79 pe rcent increase in service revenues for the quarter-year to March 31st from $29.3 million (in Q1 2022) to $52.94 million.

Its bottom-line net loss has been commensurately reduced from last year’s $20.462 million to $3.48 million.

Apple’s financial revenues were worth $23.9 million to Globalstar (up from $6.8 million a year ago).

Globalstar said the agreement with its Apple partner was responsible for 52 percent of Q1 revenue, which totalled $58.64 million (including equipment sales) up from $32.8 million for the same period a year ago.

Globalstar chairman Jay Monroe told analysts that the Apple agreement and future likely leases of Globalstar’s Band 53 terrestrial spectrum had given Globalstar an entirely new impetus and profile in the market. He stressed that Globalstar is scheduling a series of investor road shows to make its case and that its mid-term prospects are much-improved from a year ago.

Globalstar has ordered 17 satellites (from MDA) and rocket launches from RocketLab USA.

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