Globalstar

#3925

Rank

$1.94B

MarketCap US

US United States

Country

Summary
Globalstar, Inc. provides mobile satellite services worldwide. The company offers duplex two-way voice and data products, including mobile voice and data satellite communications services and equipment for remote business continuity, recreational usage, safety, emergency preparedness and response, and other applications; fixed voice and data satellite communications services and equipment at industrial, commercial, and residential sites, as well as rural villages and ships; and data modem services and equipment. It also provides SPOT consumer retail products, such as SPOT satellite GPS messenger for personal tracking, emergency location, and messaging solutions; and SPOT Trace, an anti-theft and asset tracking device. In addition, the company offers commercial Internet of Things one-way transmission products to track cargo containers and rail cars, as well as to monitor utility meters, and oil and gas assets. Further, it sells wholesale minutes to independent gateway operators (IGOs); and provides engineering services, such as hardware and software designs to develop specific applications; and installation of gateways and antennas. The company distributes its products directly, as well as through independent agents, dealers and resellers, retailers, IGOs, and sales force and e-commerce Website. As of December 31, 2020, it had approximately 745,000 subscribers. The company primarily serves recreation and personal, government, public safety and disaster relief, oil and gas, maritime and fishing, construction, utilities, and transportation, as well as natural resources, mining, and forestry markets. Globalstar, Inc. has a strategic alliance with XCOM Labs to jointly commercialize XCOM's capacity-multiplying technology with Globalstar's Band n53 for 5G deployments in the United States and other countries where Globalstar has terrestrial rights. The company was founded in 1993 and is headquartered in Covington, Louisiana.

History

The Globalstar project was launched in 1991 as a joint venture of Loral Corporation and Qualcomm. On March 24, 1994, the two sponsors announced the formation of Globalstar LP, a limited partnership established in the U.S., with financial participation from eight other companies, including Alcatel, AirTouch, Deutsche Aerospace, Hyundai, and Vodafone. At that time, the company predicted the system would launch in 1998, based on an investment of $1.8 billion.

Globalstar received its US spectrum allocation from the FCC in January 1995 and continued to negotiate with other nations for rights to use the same radio frequencies in their countries.

The first satellites were launched in February 1998, but system deployment was delayed due to a launch failure in September 1998 that resulted in the loss of 12 satellites in a launch by the Russian Space Agency.

The first call on the original Globalstar system was placed on November 1, 1998, from Qualcomm chairman Irwin Jacobs in San Diego to Loral Space & Communications CEO and chairman Bernard Schwartz in New York City.

In October 1999, the system began "friendly user" trials with 44 of 48 planned satellites. In December 1999, the system began limited commercial service for 200 users with the full 48 satellites . In February 2000, it began full commercial service with its 48 satellites and 4 spares in North America, Europe, and Brazil. Another eight satellites were maintained as ground spares. Initial prices were $1.79/minute for satellite phone calls.

On February 15, 2002, the predecessor company Globalstar and three of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.

In 2004, restructuring of the old Globalstar was completed. The first stage of the restructuring was completed on December 5, 2003, when Thermo Capital Partners LLC was deemed to obtain operational control of the business, as well as certain ownership rights and risks. Thermo Capital Partners became the principal owner.

Globalstar LLC was formed as a Delaware limited liability company in November 2003 and was converted into Globalstar, Inc., on March 17, 2006.

In 2007, Globalstar launched eight additional first-generation spare satellites into space to help compensate for the premature failure of their in-orbit satellites. Between 2010 and 2013, Globalstar launched 24 second-generation satellites in an effort to restore their system to full service.

Between 2010 and 2011, Globalstar moved its headquarters from Silicon Valley to Covington, Louisiana in part to take advantage of the state's tax breaks and low cost of living.In April 2018, Globalstar announced it would merge with FiberLight in a deal valued at $1.65 billion. That deal was called off in August 2018 following a lawsuit from Globalstar's largest investor, Mudrick Capital Management.In March 2020, Globalstar announced that the Third Generation Partnership Project had approved the 5G variant of Globalstar's Band 53, to become known as n53.On March 6, 2021, Globalstar announced to customers that the Sat-Fi2 and Sat-Fi2 RAS services would be discontinued as of March 12, 2021.

On September 7, 2022, Apple announced a cooperation with Globalstar Inc that "would allow iPhone 14 users to send emergency messages" via satellite, starting in the U.S. and Canada.


Mission
At Globalstar, our mission is to provide a range of high-performance mobile voice and data solutions that keeps people connected when they are out of range of traditional cellular networks and landline systems.

Vision
Globalstar is dedicated to creating innovative and reliable services that utilize the most advanced technology available. We are committed to putting our customers’ needs first and providing the highest-quality mobile solutions to ensure their success.

Key Team

Mr. L. Barbee Ponder IV (Gen. Counsel & VP of Regulatory Affairs)

Mr. Timothy Evan Taylor (VP of Fin., Bus. Operations & Strategy and Director)

Mr. Wen Doong (Sr. VP of Engineering & Operations)

Mr. James A. Seese II (VP of Admin.)

Mr. Kyle Pickens CFA (VP of Strategy & Communications)

Denise Davila (Corp. Communications Mang.)

Mr. Richard S. Roberts (Corp. Sec.)


Recognition and Awards
Globalstar has won numerous awards, including the International Mobile Satellite Organization’s 2004 Award for Excellence, the N.A.T.M.C. Communications Awards’ 2005 Supplier of the Year, and the Wall Street Journal’s Technology Innovation Award in 2006.

References
Globalstar
Leadership team

Mr. James Monroe III (Exec. Chairman)

Mr. David B. Kagan (Chief Exec. Officer)

Ms. Rebecca S. Clary (VP & CFO)

Products/ Services
Telecommunications, Web Hosting
Number of Employees
100 - 500
Headquarters
Milpitas, California, United States
Established
1991
Company Registration
SEC CIK number: 0001366868
Revenue
100M - 500M
Traded as
GSAT
Social Media
Sun Mar 03 2024
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