- Globalstar (NYSE:GSAT) is off 0.5% after hours after a Q2 report where it posted a $205M profit thanks to a $237M derivative gain.
- Adjusted EBITDA was $3.2M (missing an expected $5.7M), down form the prior year's $5M. Service revenues grew with an increase in the subscriber base (+12%), but equipment sales declined in part due to lower prices with next-gen hardware coming on line.
- Revenue by segment: Service, $18.6M (up 4.1%); Subscriber equipment sales, $4.41M (down 27.8%).
- The company ended Q2 with 673K subscribers (up 12% Y/Y).
- Regarding its TLPS technology, the company says the FCC hasn't requested any additional information or demonstrations, and that during Q2 and post-quarter "we have conducted numerous meetings with the FCC and look forward to a conclusion of the process."
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Conference call to come at 5 p.m. ET.
- Press release