Globalstar, Inc (NYSE:GSAT) reported third-quarter FY23 sales growth of 53% year-on-year to $57.7 million, beating the consensus of $53.7 million. Revenue jumped on increases in service revenue.
The mobile satellite voice and data services provider’s EPS for the quarter was $0.00, compared with the consensus.
Adjusted EBITDA was $32 million in Q3, an increase of 125% Y/Y due to higher revenue.
Q3 operating income was $2.0 million, compared to a loss of $186.6 million in the year-ago period due to a non-cash impairment charge.
Net loss was $6.2 million in Q3, compared to a net loss of $204.4 million a year ago.
GSAT held cash and equivalents of $64.1 million.
“We continued to see momentum build outside of our wholesale services, reflecting new initiatives in Commercial IoT,” CFO Rebecca Clary said.
CEO Dr. Paul E. Jacobs said, “Furthermore, our new XCOMP technology, which enhances wireless performance including spectral efficiency, opens an entirely new revenue category for us going forward.”
FY23 Outlook: Globalstar revised its FY23 revenue outlook to $215 million – $230 million (prior $200 million-$230 million) against the consensus of $209.44 million.
It continues to see an FY23 adjusted EBITDA margin of about 55%. The stock gained 5.77% year-to-date.
Price Action: GSAT shares are trading lower by 1.79% at $1.38 on the last check Thursday.
