Globalstar Inc. (GSAT) Financial Statements (2024 and earlier)

Company Profile

Business Address 1351 HOLIDAY SQUARE BLVD.,
COVINGTON,, LA 70433
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 4899 - Communications Services, Not Elsewhere Classified (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments56,74432,08214,30413,3307,60615,212
Cash and cash equivalents56,74432,08214,30413,3307,60615,212
Restricted cash and investments    3,62562260,278
Receivables50,94328,02926,78222,14721,76019,327
Inventory, net of allowances, customer advances and progress billings14,5829,26413,82913,73616,34114,274
Inventory14,5829,26413,82913,73616,34114,274
Contract with customer, asset, after allowance for credit loss     2,200700
Other undisclosed current assets20,38411,86913,95815,64914,73112,710
Total current assets:142,65381,24468,87368,48763,260122,501
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization  10481995
Operating lease, right-of-use asset34,16430,85932,04114,40015,871
Nontrade receivables 2,3003,100    
Property, plant and equipment624,002560,371672,156715,909799,914882,695
Long-term investments and receivables   2401,5892,0892,089
Long-term investments   2401,5892,0892,089
Intangible assets, net (including goodwill) 91,25330,40730,98627,52025,20825,143
Goodwill 30,600     
Intangible assets, net (excluding goodwill) 60,65330,40730,98627,52025,20825,143
Restricted cash and investments    51,06850,900 
Other noncurrent assets 3,7031,5651,7251,1325351,338
Other undisclosed noncurrent assets26,234125,7458,0777,9697,71811,716
Total noncurrent assets:781,656752,151745,233819,606902,330922,981
TOTAL ASSETS:924,309833,395814,106888,093965,5901,045,482
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities28,98562,28935,19428,83332,88930,080
Accounts payable 2,0273,8436,2472,9178,0156,995
Accrued liabilities 26,95858,44628,94725,91624,87423,085
Other undisclosed accounts payable and accrued liabilities      
Deferred revenue53,67774,63925,92725,977 
Debt34,600  58,8241,70296,249
Derivative instruments and hedges, liabilities      757
Other liabilities459     
Due to related parties326444581261656
Contract with customer, liability31,938
Other undisclosed current liabilities58,18759,822  28,208 
Total current liabilities:175,908197,07661,565114,21563,060159,680
Noncurrent Liabilities
Long-term debt and lease obligation325,700132,115267,169340,312478,923367,202
Long-term debt, excluding current maturities325,700132,115237,932326,586464,176367,202
Liabilities, other than long-term debt43,722189,433119,94110,50116,264159,655
Deferred revenue3,213157,803112,0543,2805,273
Contract with customer, liability5,692
Liability, pension and other postretirement and postemployment benefits    3,6504,1284,489
Other liabilities11,2653,9957,8873,4483,0713,366
Operating lease, liability29,24427,63529,23713,72614,747
Derivative instruments and hedges, liabilities    1233,792146,108
Total noncurrent liabilities:369,422321,548387,110350,813495,187526,857
Total liabilities:545,330518,624448,675465,028558,247686,537
Equity
Equity, attributable to parent, including:378,979314,771365,431423,065407,343358,945
Additional paid in capital2,438,7032,345,6122,146,7102,096,5661,970,0471,937,364
Accumulated other comprehensive income (loss)5,0709,2421,890(2,944)(3,449)(3,839)
Accumulated deficit(2,064,982)(2,040,264)(1,783,349)(1,670,724)(1,559,401)(1,574,725)
Other undisclosed equity, attributable to parent188181180167146145
Total equity:378,979314,771365,431423,065407,343358,945
TOTAL LIABILITIES AND EQUITY:924,309833,395814,106888,093965,5901,045,482

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues223,808148,504124,297128,487131,718130,113
Cost of revenue(177,352)(160,539)(145,053)(138,689)(144,020)(120,330)
Gross profit:46,456(12,035)(20,756)(10,202)(12,302)9,783
Operating expenses(46,621)(208,994)(44,747)(48,961)(51,744)(57,162)
Operating loss:(165)(221,029)(65,503)(59,163)(64,046)(47,379)
Nonoperating income (expense)(23,430)(35,813)(47,421)(49,814)79,91540,988
Investment income, nonoperating (805)(1,043)2,897145,07381,120
Gain (loss), foreign currency transaction, before tax4,862(6,592)(6,308)(727)  
Interest and debt expense(10,194)(3)(1)(17,963)(15,896)(8,690)
Other undisclosed income from continuing operations before equity method investments, income taxes    17,96315,8968,690
Income (loss) from continuing operations before equity method investments, income taxes:(33,789)(256,845)(112,925)(108,977)15,869(6,391)
Other undisclosed income from continuing operations before income taxes10,19431   
Income (loss) from continuing operations before income taxes:(23,595)(256,842)(112,924)(108,977)15,869(6,391)
Income tax expense (benefit)(1,123)(73)299(662)(545)(125)
Income (loss) from continuing operations:(24,718)(256,915)(112,625)(109,639)15,324(6,516)
Income (loss) before gain (loss) on sale of properties:(112,625)(109,639)15,324(6,516)
Net income (loss) attributable to parent:(24,718)(256,915)(112,625)(109,639)15,324(6,516)
Other undisclosed net loss available to common stockholders, basic(10,605)(1,337)  (126,007) 
Net loss available to common stockholders, diluted:(35,323)(258,252)(112,625)(109,639)(110,683)(6,516)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):(24,718)(256,915)(112,625)(109,639)15,324(6,516)
Other comprehensive income     3,100
Comprehensive income (loss):(24,718)(256,915)(112,625)(109,639)15,324(3,416)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(4,172)7,3524,834505390 
Comprehensive income (loss), net of tax, attributable to parent:(28,890)(249,563)(107,791)(109,134)15,714(3,416)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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