COVINGTON, La. - Globalstar (NYSE:GSAT), Inc. (NYSE American: GSAT), a provider of mobile satellite and communication services showing strong market momentum with significant returns over recent months according to InvestingPro data, has successfully completed its first 5G data call using the company's Band n53 spectrum. The company, which generated revenue of $241.6 million in the last twelve months with a healthy gross margin of 67.3%, continues to advance its technological capabilities. The test, which achieved 100 Mbps download and 60 Mbps upload speeds, represents a significant step in the utilization of Globalstar's mid-band spectrum for advanced mobile applications, including robotics and augmented reality.
The data call, conducted with XCOM RAN prototype radios and state-of-the-art 5G modules, builds on Globalstar's 4G testing achievements announced in October at Mobile World Congress Las Vegas. This development is particularly noteworthy for mission-critical applications that require high-speed, reliable connectivity. Despite posting 13.6% revenue growth year-over-year, InvestingPro analysis indicates the company is currently operating at a loss, with analysts not anticipating profitability this year.
Tamer Kadous, Vice President of Terrestrial Networks at Globalstar, expressed enthusiasm for the milestone, highlighting the company's progress in integrating Band 53 into the 4G and now 5G ecosystems. Kadous anticipates rapid adoption as the industry recognizes the benefits of 5G on Band 53 for uninterrupted connectivity and efficiency gains.
In partnership with Globalstar, Quectel Wireless Solutions President and CSO Norbert Muhrer underscored the potential of Quectel modules to deliver robust connectivity solutions. The successful 5G data call on Band n53 marks a notable advancement in expanding the reach of 5G technology.
Globalstar's Band n53 is a fully licensed mid-band spectrum that offers a reliable channel for various users, including integrators, enterprises, governments, carriers, and cable companies. It is particularly appealing to Mobile Virtual Network (LON:NETW) Operators (MVNOs) and entities looking to deploy private networks with stringent security and performance requirements.
The Band n53 spectrum, which operates in the 2483.5-2495 MHz frequency range, is a time-division duplexing (TDD) channel that allows for both uplink and downlink communications within a single frequency band. Support for this spectrum is growing among technology partners producing chipsets, devices, and network management solutions. Since its U.S. licensing in 2015, Band n53 has gained approval in 12 nations and endorsement from the Third Generation Partnership Project (3GPP). For a deeper understanding of Globalstar's market position and growth potential, investors can access comprehensive analysis and 10+ additional ProTips through InvestingPro's detailed research reports, available as part of its coverage of 1,400+ US equities.
Participants at the Globalstar Investor Day will have the opportunity to witness a live demonstration of the XCOM RAN and Band n53 capabilities. This event is based on a press release statement from Globalstar, Inc.
In other recent news, MDA Space Ltd has been projected to experience over 25% growth by BMO Capital Markets, bolstered by a robust backlog and competitive standing. This follows a management update and tour of MDA's facilities, which showcased promising growth potential. MDA's collaboration with Globalstar and Apple in manufacturing a new satellite constellation is expected to strengthen its market position.
Apple Inc (NASDAQ:AAPL). is planning to introduce satellite connectivity to its Apple Watch Ultra by 2025, as reported by Bloomberg. This feature, which will allow messaging without cellular or internet connections, follows Apple's investment in satellite service provider Globalstar and its incorporation of satellite communications into its iPhones.
Globalstar, Inc. has announced its intention to list on the Nasdaq Global Select Market in the first quarter of 2025, alongside a reverse stock split. The company also reported a record Q3 revenue of $72 million, a 25% increase from the same period last year, primarily driven by a 28% rise in service revenue. Furthermore, Globalstar has secured a 10-year authorization to expand its terrestrial applications in Mexico, following a successful bid in an auction conducted by Mexico's Instituto Federal de Telecomunicaciones.
Lastly, during Globalstar's Third Quarter 2024 Earnings Conference Call, the company reported a significant increase in its financial performance, achieving record revenue of $72 million for Q3, a 25% increase from the same quarter last year. The company has raised its 2024 revenue guidance to $245 million-$250 million and adjusted EBITDA margin guidance to 54%.
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