Page 1

Globalstar GLOBALSTAR ANNOUNCES THIRD QUARTER 2021 RESULTS Covington , LA , November 4 , 2021 -- Globalstar , Inc. ( NYSE American : GSAT ) today announced its operating and financial results for the quarter ended September 30 , 2021 . Dave Kagan , Chief Executive Officer of Globalstar , commented , " We are pleased with the continued positive momentum in SPOT and Commercial IoT as the associated service and equipment revenue are each up from the third quarter 2020. The significant increase in equipment sales following the COVID- related headwinds that impacted demand in 2020 is a clear indicator of a rebound in these areas of the business . SPOT activations continued at record levels with LTM gross activations up 17 % from the prior period , while Commercial IoT activations have continued to increase since the fourth quarter of 2020 and churn was 11 % lower over the last twelve months compared to the prior year period . We have also expanded our partner network across both service lines as we pursued opportunities in new Commercial IoT verticals and initiated distribution across new SPOT retailers . We expect this momentum to continue as we look into next year , and are especially excited about our developmental progress of the two - way IoT module , with capabilities that include both tracking as well as command control . Combined with a recently revamped partner engagement strategy for Commercial IoT , we anticipate a sea change when new two - way product availability is combined with an enhanced sales model for our reseller partners as we begin to compete in a large , established two - way market . " Kagan continued , " As we grow our SPOT partner ecosystem and subscriber base , we are broadening the scope of users who rely on our life - saving technology . I would like to share one real - life SPOT save this quarter which highlights the critical nature of our services – a single example that may not have made national headlines but , like so many other saves , touched the hearts of our employees and the SPOT subscriber family . Last month , a customer reached out to us directly to thank us for the life - saving technology that we have embedded in our SPOT personal communication devices and shared his story . After being injured and stranded on a remote trail , without the accuracy of our GPS technology and speed of our emergency response services , this customer would have remained stranded in Lake Pleasant Regional Park . Despite his injuries on a trail where it could be days before others would typically approach him , he was able to press the SOS button and emergency personnel were able to pinpoint his location and quickly descend on his location , bringing critical care in his time of need . While just one example on a micro scale , we believe that this customer , one of the over 8,000 rescues made , represents why satellite connectivity is so critical and will become ever more so over time on a macro scale . We are proud of what we contribute as a company and never underestimate the importance of our role as a satellite service provider . " Kagan concluded , " Finally , I am thrilled to report that we have less than $ 10 million of net first lien principal outstanding and expect to pay this remaining balance in full in the coming days . We would like to thank our French banking partners as well as BPIFAE on our 12 - year partnership . " Jay Monroe , Executive Chairman of Globalstar , commented , " While real world anecdotes like the one Dave mentioned above truly inspire us in our daily work , we are equally encouraged by the progress we are making on the terrestrial spectrum effort . We recently attended a large mobile conference in Los Angeles and the progress we have made was very evident as many chipset vendors , infrastructure providers and module makers were all aware of and interested in supporting Band 53. " Monroe continued , " We are also encouraged by the multitude of use cases our ecosystem is finding for this band . After this long - term investment and thorough cultivation of this asset , we continue to see our licensed spectrum resource in Band 53 becoming an increasingly valuable asset for parties that want to reduce their reliance on the carriers with private wireless but also as an incremental band for more traditional wireless providers . We continue to make great progress developing the ecosystem and have expanded licensed POPs across three continents , giving us the tools to capitalize on this substantial and growing opportunity . " Our regulatory efforts are picking up momentum and we look forward to having more to share in the coming months . " FINANCIAL REVIEW 1