Summary by Moomoo AI
Globalstar, a provider of Mobile Satellite Services (MSS), reported a net loss of $13.2 million for the first quarter of 2024, widening from a net loss of $3.5 million in the same period of 2023. The adjusted net loss attributable to common shareholders was $15.8 million, compared to $6.1 million in the prior year. Total revenue for the quarter decreased slightly to $56.5 million from $58.6 million year-over-year. The company's service revenue, which includes Duplex, SPOT, Commercial IoT, and wholesale capacity services, constituted 94% of the total revenue, with wholesale capacity services accounting for 56% of the total. Globalstar's operating expenses rose to $61.2 million, a 19% increase from the previous year, primarily due to network expansion and associated costs. The company has entered into a satellite procurement...Show More