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GSAT Globalstar

Globalstar is a leading provider of customizable Satellite IoT Solutions for customers around the world in industries such as oil and gas, transportation, emergency management, government, maritime and outdoor recreation. A pioneer of mobile satellite voice and data services, Globalstar solutions connect people to their devices and allow businesses to streamline operations providing safety and communication and enabling mobile assets to be monitored remotely via the Globalstar Satellite Network. The Company's Commercial IoT product portfolio includes industry-acclaimed SmartOne asset tracking products, Commercial IoT satellite transmitters and the SPOT® product line for personal safety, messaging and emergency response, all supported on SPOT My Globalstar, a robust cloud-based enhanced mapping solution.

Company profile

Ticker
GSAT
Exchange
CEO
David Kagan
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
GSSI, LLC • ATSS Canada, Inc. • Globalstar Brazil Holdings, L.P. • Globalstar do Brasil Holdings Ltda. • Globalstar do Brasil Ltda. • Globalstar Japan K.K. • Globalstar Satellite Services Pte., Ltd • Globalstar Communications Mongolia LLC • Globalstar Satellite Services Pty., Ltd • Globalstar C, LLC ...
IRS number
412116508

GSAT stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 21
25 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Globalstar earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 66.71M 66.71M 66.71M 66.71M 66.71M 66.71M
Cash burn (monthly) 13.34M 18.42K 5.34M 5.41M (positive/no burn) (positive/no burn)
Cash used (since last report) 51.51M 71.09K 20.6M 20.9M n/a n/a
Cash remaining 15.2M 66.64M 46.11M 45.81M n/a n/a
Runway (months of cash) 1.1 3618.3 8.6 8.5 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Sep 21 Kagan David B. Voting Common Stock Payment of exercise Dispose F No No 2.2 110,250 242.55K 5,162,580
27 May 21 James Monroe III Voting Common Stock Other Dispose J Yes No 0 17,500,000 0 825,503,133
27 May 21 Taylor Timothy Evan Voting Common Stock Other Acquire J Yes No 0 17,500,000 0 17,500,000
10 May 21 Hasler William A Voting Common Stock Grant Acquire A No No 1.09 50,000 54.5K 680,364
10 May 21 Cowan Keith O Voting Common Stock Grant Acquire A No No 1.09 50,000 54.5K 445,364

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

63.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 152 136 +11.8%
Opened positions 36 52 -30.8%
Closed positions 20 20
Increased positions 42 38 +10.5%
Reduced positions 36 24 +50.0%
13F shares
Current Prev Q Change
Total value 895.4M 686.41M +30.4%
Total shares 1.13B 1.07B +5.9%
Total puts 1.73M 2.12M -18.4%
Total calls 22.93M 27M -15.1%
Total put/call ratio 0.1 0.1 -4.0%
Largest owners
Shares Value Change
FL Investment 825.36M $351.93M 0.0%
Mudrick Capital Management 80M $142.4M -17.7%
Vanguard 66.97M $119.21M +33.0%
BLK Blackrock 46.27M $82.37M +200.3%
Beck Mack & Oliver 18.06M $32.15M -9.0%
STT State Street 14.18M $25.23M +359.0%
Geode Capital Management 10.4M $18.51M +96.2%
Nuveen Asset Management 9.2M $16.37M NEW
NTRS Northern Trust 6.61M $11.77M +329.9%
MS Morgan Stanley 5.86M $10.44M +49.5%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 46.27M +30.87M +200.3%
Mudrick Capital Management 80M -17.21M -17.7%
Vanguard 66.97M +16.62M +33.0%
STT State Street 14.18M +11.09M +359.0%
Nuveen Asset Management 9.2M +9.2M NEW
Geode Capital Management 10.4M +5.1M +96.2%
NTRS Northern Trust 6.61M +5.07M +329.9%
Penserra Capital Management 3.88M +3.88M NEW
Millennium Management 267.32K -2.84M -91.4%
Legion Partners Asset Management 5.47M -2.83M -34.1%

Financial report summary

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Competition
KVH IndustriesGarminSpokOrbcommIridium CommunicationsInmarsatSOS
Risks
  • If we experience operational disruptions with respect to our gateways or operations center, we may not be able to provide service to our customers.
  • The actual orbital lives of our satellites may be shorter than we anticipate, and we may be required to reduce available capacity on our satellite network prior to the end of their orbital lives.
  • The implementation of our business plan depends on increased demand for wireless communications services via satellite (including IoT applications) and via terrestrial mobile broadband networks, both for our existing services and products and for new services and products. If demand does not increase, our revenues and profitability may not increase as we expect.
  • Rapid and significant technological changes in the satellite communications industry may impair our competitive position and require us to make significant capital expenditures, which may require additional capital that has not been arranged.
  • Our business is capital intensive. We may not be able to raise adequate capital to finance our business strategies, or we may be able to do so only on terms that significantly restrict our ability to operate our business.
  • Others may claim that our products violate their patent or intellectual property rights, which could be costly and disruptive to us.
  • Lack of availability of components from the electronics industry, required in our retail products, gateways and satellites could delay or adversely impact our operations.
  • We face special risks by doing business in international markets and developing markets, including currency and expropriation risks, which could increase our costs or reduce our revenues in these areas.
  • Our global operations expose us to trade and economic sanctions, other restrictions, liabilities and exposure to penalties imposed by the United States, the European Union and other governments and organizations.
  • The United Kingdom and European Union are important markets to our business. The uncertainty surrounding the United Kingdom's decision to leave the European Union could adversely impact our business, results of operations and financial condition.
  • We face intense competition in all of our markets, which could result in a loss of customers, lower revenues and difficulty entering new markets.
  • We have a significant amount of indebtedness, which may adversely affect our cash flow and our ability to operate our business, including our ability to incur additional indebtedness.
  • Restrictive covenants in our debt agreements may limit our operating and financial flexibility and our inability to comply with these covenants could have significant implications.
  • Our networks and those of our third-party service providers and customers may be vulnerable to unauthorized or unlawful access. Our use of personal information could give rise to costs and liabilities arising from developing data privacy laws.
  • Due to fluctuations in the insurance market, we may be unable to obtain and maintain our insurance coverages, and the insurance we obtain may not cover all risks we undertake. As a result, we may incur material uninsured or under-insured losses.
  • We operate in many tax jurisdictions, and changes in tax rates or adverse results of tax examinations could materially increase our costs.
  • We are exposed to trade credit risk in the ordinary course of our business activities.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • A natural disaster could diminish our ability to provide communications service.
  • We have been in the past from time to time, and may be in the future, subject to litigation and investigations that could have a substantial, adverse impact on our business.
  • Wireless devices' radio frequency emissions are the subject of regulation and litigation concerning their environmental effects, which includes alleged health and safety risks. As a result, we may be subject to new regulations, demand for our services may decrease, and we could face liability based on alleged health risks.
  • Our business is subject to extensive government regulation that will impact our future success.
  • Spectrum values historically have been volatile, and may again be volatile in the future, which could cause the value of our business to fluctuate.
  • Our business plan to use our licensed MSS spectrum to provide terrestrial wireless services depends upon action by third parties, which we cannot control.
  • Other future regulatory decisions could reduce our existing spectrum allocation or impose additional spectrum sharing agreements on us, which could adversely affect our services and operations.
  • If the FCC revokes, modifies or fails to renew or amend our licenses, our ability to operate may be curtailed.
  • If our French regulator, or any other regulator, revokes, modifies or fails to renew or amend our licenses, our ability to operate may be curtailed.
  • Our common stock is traded on the NYSE American but could be delisted in the future, which may impair our ability to raise capital.
  • The market price of our common stock is volatile, and there is a limited market for our shares.
  • The future issuance of additional shares of our common stock could cause dilution of ownership interests and adversely affect our stock price.
  • We have issued and may issue shares of preferred stock or debt securities with greater rights than our common stock.
Management Discussion
  • Net cash provided by operations includes primarily cash receipts from subscribers related to the purchase of equipment and satellite voice and data services as well as cash received from the performance of engineering and other services. We use cash in operating activities primarily for personnel costs, inventory purchases and other general corporate expenditures. Net cash provided by operating activities was $22.2 million during 2020 compared to $3.0 million during 2019. This increase was due primarily to higher net income after adjusting for non-cash items due to lower interest payments and operating expenses. Partially offsetting this variance were working capital changes, which were more unfavorable in 2020 than in 2019. These unfavorable changes were due primarily to an increase in accounts receivable and a decrease in deferred revenue, which were both driven by the timing of services delivered under our subscriber and engineering service contracts relative to the timing of cash receipts. Offsetting these unfavorable items were higher inventory sales as well as fewer inventory purchases and favorable changes in prepaid and other current assets, driven in part by the final installment of $3.7 million received in January 2020 from the 2018 settlement of a business economic loss claim.
Content analysis
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New words: appeasement, Australia, behavior, consecutive, defective, enterprise, environmentally, ERP, expenditure, fluid, friendly, introduction, Korea, led, motor, owed, predominately, prepayment, ready, receipt, repay, resource, reversal, reversed, saleable, teleport, undiscounted, usage, voluntary
Removed: covenant, disbursement, evaluate, experience, inclusive, lender, payroll, recur, repayment, retained, review, set, warrant