- Globalstar (NYSE:GSAT) is down 1.3% in after-hours trade, adding on to today's decline of 4.2%, following its Q1 report where revenues grew but missed analyst expectations.
- Net loss narrowed to $129.7M mainly due to declines in the impact of non-cash derivative losses. Adjusted EBITDA of $3.1M missed an expected $5.7M. Revenues grew 2.3% mainly on a 12% increase in the subscriber base
- Revenue by segment: Service revenue, $17.1M (up 5.6%); Subscriber equipment sales, $3.9M (down 9.3%).
- About its March 10 demonstration of Terrestrial Low Power Service (TLPS) at the FCC, Chairman and CEO Jay Monroe said: "We can distill our operational strategy to, simply put, new products with increased functionality and the expansion of our operating footprint. ... We are making significant progress in the spectrum proceeding and dispelling concerns of the opposition. We look forward to the completion of this process in the near term after the technical review process is completed."
- Since its gains after the demo, shares are down 30%.
- Press Release