James Monroe III, a director and ten percent owner of Globalstar, Inc. (NYSE:GSAT), has acquired 500,000 shares of the company's voting common stock. The satellite communications company has shown strong momentum with an 87.5% price return over the past six months, despite posting a loss of $0.02 per share in the last twelve months. The shares were purchased on December 20 at a volume-weighted average price of $1.9701, amounting to a total transaction value of approximately $985,050. The shares were acquired indirectly through Thermo Properties II, LLC, increasing Monroe's total indirect holdings in Globalstar. With revenue growth of ~14% and trading near $1.88, the stock sits well above its 52-week low of $1.00. InvestingPro subscribers can access detailed insider trading patterns and 7 additional key insights about GSAT's financial health and valuation.
In other recent news, Globalstar, Inc. has been making significant strides in its operations. The company successfully completed its first 5G data call using the Band n53 spectrum, marking a significant advancement in its technological capabilities. Additionally, Globalstar has secured a 10-year authorization to expand its terrestrial applications in Mexico.
On the financial front, Globalstar 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. The company has reiterated its revenue guidance for 2024 to be in the range of $245-250 million with an Adjusted EBITDA margin of 54%. For 2025, the company has set a revenue guidance of $260-285 million and an Adjusted EBITDA margin of approximately 50%.
Furthermore, Globalstar has announced significant changes to its stock structure, including a reverse stock split and a reduction in the number of authorized shares. This strategic move aims to optimize the company's capital structure. The exact timing and ratio of the reverse stock split, as well as the specific reduction in authorized shares, will be decided at a future date.
In collaboration with Globalstar, Quectel Wireless Solutions has also highlighted the potential of their modules to deliver robust connectivity solutions. Finally, Apple Inc (NASDAQ:AAPL). plans to introduce satellite connectivity to its Apple Watch Ultra by 2025, following its investment in satellite service provider Globalstar. These are among the recent developments in the operations of Globalstar, Inc.
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