Globalstar, Inc. (GSAT), a company providing mobile satellite services across the globe, has seen a decline of 3.43% in the premarket trading session, as a result of which, GSAT stock is currently changing hands at $1.69. On Tuesday, GSAT stock plunged 23.25% and closed the day at $1.75 after tech giant Apple announced that its new iPhone 13s would support satellite communications. Before the announcement, the investors were hopeful that “Apple” (AAPL) would work with GSAT to add satellite communication to iPhone 13s, but it did not happen so. Let us discuss some of the recent news related to GSAT stock.
Q2 2021 financial results
On the 5th of August, GSAT reported the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the company generated revenue of $30.27 million during the quarter, as compared to the revenue of $30.36 million during the equivalent period of 2020. The total operating expenses for the quarter stood at $46.28 million, while during the equivalent period of 2020, the operating expenses were $15.37 million. The net loss bore by the company during the period stood at $21.44 million, while during the equivalent period of 2020, the net loss was $24.73 million. The net loss per basic and diluted share stood at $0.01, while during the equivalent period of 2020, the net loss per basic and diluted share was the same, i.e. $0.01. At the end of the quarter, the company had cash and cash equivalents of $15.7 million. Dave Kagan, Chief Executive Officer of Globalstar, commented that the company is pleased to with the marked improvements in several of the key indicators during the quarter. He hoped that the company would further depict similar strengthened performance in quarters to come.
GSAT partnership with Foucspoint
In early July, GSAT announced to enter in a partnership with FocusPoint International Inc. The partnership was meant to provide the crises assistance services under the Global Overwatch & Rescue™ Plan to Globalstar customers throughout the globe. Overwatch & Rescue is an assistance plan which aims to provide medical and security assistance benefits to the users. It would also provide no-cost evacuations to the users who would opt for the annual plan. Overwatch & Rescue has a standard 24/7 multi-lingual crises consultation, medical and dental referrals, and numerous other services. The Globalstar customers which would add Overwatch & Rescue plan would have access to a highly experienced medical team to address the incidents caused by the disasters, sports-related injuries, pandemics, riots, and other unexpected events.
What’s ahead for GSAT?
The recent past performance of GSAT stock has been outstanding. During the last nine months, the stock has gained a prodigious increase of about 416%. During the last quarter, the GSAT stock has increas3d by 36%. Based on these indicators, investors are steadily developing a proclivity toward GSAT stock, which in turn would yield numerous benefits for GSAT stock.