Globalstar, Inc. (NYSE:GSAT) Q4 2023 Earnings Conference Call February 28, 2024 9:00 AM ET
Company Participants
Paul Jacobs - Chief Executive Officer
Rebecca Clary - Vice President & Chief Financial Officer
Conference Call Participants
Michael Crawford - B. Riley Securities
Walter Piecyk - LightShed Partners
Operator
Good day and thank you for standing by. Welcome to the Globalstar Q4 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Paul Jacobs, CEO. Please go ahead.
Paul Jacobs
Thank you. Good morning, everyone and thanks for joining us today. Before we begin, please note that today's call contains forward-looking statements intended to fall within the Safe Harbor provided under the securities laws. Factors that could cause results to differ materially are described in the forward-looking statements and Risk Factors section of Globalstar's SEC filings, including its annual report on Form 10-K for the financial year ending 2023 which we will file in due course following this call as well as this morning's earnings release. Before we review our financial performance, some operational highlights and our outlook. I'd like to recognize Globalstar's employees and partners for our performance in 2023. We had a very successful year. So thanks to all of you.
Last time we spoke, I was barely 60 days in the job. Since then, I've gotten to know the organization and the expertise that was already in place at Globalstar and now augmented by XCOM Labs resources is quite impressive. While each group has its own areas of expertise, the cross-fertilization and knowledge transfer between the teams is already bearing new innovations that will bring performance improvements to our existing businesses and create new ones. This talent, combined with our execution and improved financial performance enables us to fund growth initiatives which we expect to create a virtuous cycle of innovation and differentiation. I'm excited to say that this cycle has started and we are already gaining traction on a number of our new initiatives.
Since my arrival, we already have a new partnership with the government services company, a new terrestrial spectrum lease and the first commercial order from a major U.S. retailer for multiple XCOM RAN wireless system. Even at this early stage, these initial victories are responsible for roughly $5 million of new revenue in 2024 and we look forward to nurturing these green shoots into new pillars of growth for the company, such that the magnitude of their impact will be much greater in the years ahead.