Globalstar, Inc. (NASDAQ:GSAT) Q1 2025 Earnings Conference Call May 8, 2025 5:00 PM ET
Company Participants
Rebecca Clary – VP & CFO
Paul Jacobs – CEO & Director
Conference Call Participants
Mike Crawford – B. Riley Securities
Operator
Welcome to the Globalstar First Quarter 2025 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your first speaker today Rebecca Clary, CFO. Please go ahead.
Rebecca Clary
Thank you. Operator, and good afternoon everyone. Before we begin, please note that today’s call contains forward looking statements intended to fall within the Safe Harbor provided under the Securities Laws. Factors that could cause the results to differ materially are described in the risk factors section of Globalstar’s SEC filings, including its annual report on Form 10K for the financial year ending 2024, and its other SEC filings, as well as today’s earnings release, also note that management may reference EBITDA, adjusted EBITDA, free cash flow, or adjusted free cash flow on this call, which are financial measures not recognized under US GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the earnings release, which is available on our website.
I’ll begin with a review of our financials, before touching on tariffs and our outlook, I’ll then turn it over to Paul to cover key operational updates. Total revenue increased 6% to $60 million compared to the prior year period of 56.5 million service revenue increased 7% driven primarily by wholesale capacity services. Additionally, in commercial IoT, we are pleased to continue to see increases in the average number of subscribers, a high level of customer engagement and the adoption of our IoT devices and service offerings. The increase in revenue contributed to higher adjusted EBITDA, which was up 3% to $30.4 million compared to the prior year’s
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