Globalstar Inc (GSAT)

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COVINGTON, La.--(BUSINESS WIRE)-- Globalstar, Inc.(GSAT) today announced its operating and financial results for the quarter ended June 30, 2020.

Dave Kagan, Chief Executive Officer of Globalstar(GSAT), commented, "Globalstar(GSAT) recorded improved overall profitability for the second quarter, and I am pleased with our ability to continue to execute our business plan on so many fronts even in the face of the extreme adversity that COVID-19 presents. We continue to see the negative impacts of the pandemic and the oil and gas industry downturn on our revenue, particularly with lower customer demand of our Commercial IoT products. While we recognize that we are experiencing unprecedented times, our confidence in the future expansion of our Commercial IoT business remains and the execution of our product development efforts continues. Just this quarter, we introduced three new products, including the ST100, the latest satellite transmitter in our family of Commercial IoT solutions. Intended for rapid development in partnership with our resellers, the ST100 is a low-cost data modem suitable for any commercial market that needs remote data connectivity. Utility contractor Potelco will be a launch customer of the ST100 through our partnership with Recon Dynamics. Potelco operates from 12 offices spread around the Pacific Northwest with 1,100 employees utilizing over 3,500 pieces of equipment. We expect there to be many more companies with needs similar to Potelco."