On April 23, Globalstar CEO David Kagan appeared virtually at the 24th Annual Burkenroad Reports Investment Conference. During the event, Kagan provided a financial update on the company’s past performance and future plans.
Globalstar’s revenues grew to $128 million in 2020 from $90 million in 2015, which indicates a 7 percent CAGR. Meanwhile, the company’s fastest expanding segment, which involves providing commercial IoT (Internet-of-Things), grew at a 14 percent CAGR.
Globalstar also forecasts that the global satellite IoT market is set to reach $2.5 billion by 2027 from $1.5 billion as of April 26. The company estimates that its satellites are capable of covering over 90 percent of that market opportunity. Globalstar sees a $23 billion addressable market opportunity in private LTE network services by 2023 that it can capture.
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