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Globalstar has experienced significant financial improvement through its partnership to provide satellite service for Apple’s iPhone 14 emergency messaging feature. In the first half of this year, the company’s revenue has increased by over 60% to 3 million. EBITDA has also seen substantial growth, reaching almost million, an increase of over 140%. Additionally, Globalstar’s cash balance has more than doubled to million at the end of the quarter compared to the previous year-end.

To further demonstrate its positive trajectory, Globalstar has raised the low end of its 2023 revenue guidance from 5 million to 0 million. The company anticipates revenue between 0 million to 0 million, representing a potential increase of approximately 35% to 55% over the total revenue of 2022.

CEO David Kagan shared that Globalstar expects continued growth with the upcoming launch of a new two-way device platform and services later this year. He believes that average revenue per subscriber will increase significantly following the introduction of these new offerings.

Although net income for the second quarter of 2023 was less than {TRESC}.1 million, this is an improvement compared to the net loss of .8 million in the second quarter of 2022. Globalstar has been investing in capital expenditures, particularly in relation to its new satellites.

Kagan is optimistic about Globalstar’s future prospects and believes that the current market price of the company’s stock does not reflect its value. He is confident that the company will continue to increase its revenue, EBITDA, and shareholder value. At present, the company’s stock is trading at approximately .

Kagan assured investors that Globalstar’s transformation and growth are sustainable. The company has invested over billion in the past decade, rebuilding its satellite and ground network, introducing innovative technologies like Band 53, delivering operational satellite services, and preparing for future opportunities.

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