According to top executives with satellite operator Globalstar, the company is looking to branch out into areas ranging from private wireless to spectrum leasing.
Globalstar is working to drum up business beyond its legacy satellite offerings and its ongoing emergency messaging deal with Apple. According to company officials, new opportunities range from spectrum-leasing deals, to private wireless networking deployments, to radio access networking (RAN) systems.
"We look forward to nurturing these green shoots into new pillars of growth for the company, such that the magnitude of their impact will be much greater in the years ahead," Globalstar CEO Paul Jacobs said during his company's quarterly earnings call last week, according to Seeking Alpha.
During 2023, Globalstar's revenues rose to $223.8 million, from $148.5 million in 2022. The company said it expects total revenues in 2024 of between $225 million and $250 million, alongside an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of 50%.
Although Jacobs did not provide details or name Globalstar's new customers, he touted three new prospects:
A long-term spectrum leasing arrangement for Globalstar's Band 53 spectrum, working with vendor Nokia. "The end user for this multi-year deployment is paying to reserve the spectrum in their operating area prior to their planned build-out," according to the company.
A satellite network services agreement with a government services company for "mission critical service." The deal includes a one-year, $2.5 million proof-of-concept phase that started last month. If the project is implemented, it could be worth $20 million annually in five years, according to Globalstar.
Finally, Globalstar said a "major US retailer" placed a $1.5 million order for its newly announced XCOM RAN system, in order to control robots and other elements moving around inside warehouses.
Globalstar Vice President of Terrestrial Network Tamer Kadous spoke with Light Reading at the recent MWC Barcelona trade show about Globalstar's new XCOM system and the company's outlook on private wireless networking.
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