- Globalstar (NYSE:GSAT) is up 2% in light trading so far after a Q3 report where revenues missed slightly alongside its CEO transition to Dave Kagan.
- Operating loss increased by $7.2M amid higher operating expenses, including $5.5M tied to the failed merger with Thermo Acquisitions.
- Net income fell $43.4M, mainly due to a lower noncash derivative gain of $39.7M.
- Adjusted EBITDA, though, rose 23% to $12.2M.
- Revenue breakout: Service, $29.9M (up 14.7%); Subscriber equipment sales, $5.8M (up 32%).
- In Services, all core revenue streams saw higher ARPU, including Duplex (up 27%) and SPOT (up 14%).
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Conference call to come at 5 p.m. ET.
- Previously: Globalstar misses on revenue (Nov. 01 2018)
- Press release