Globalstar reports SmartOne Solar is sold out, major backlogGlobalstar issued their Q2 results today and 10-Q. CMH's SmartOne Solar featured prominently in the report. We should know more after the c.c. transcript is published.
Key takeaways;
- Strong demand for the product and it is sold out
- Significant backlog
- Working to solve backlog problems
Here are the highlights as it relates to Carmanah;
While ARPU has been climbing consistently for several quarters, we also increased subscriber equipment sales this quarter with the recent launch of three new products. We have experienced positive market reception to these products, with the
strongest response coming from our SmartOne SolarTM IoT device. The success of this solar-powered asset tracking product resulted in
significant back-orders at the end of the quarter, while still contributing to the narrowing of our net loss and a 37% increase in Adjusted EBITDA over the prior year's second quarter."
Subscriber equipment sales revenue increased $1.9 million, or 50%, following the introduction of new products during 2018, including the successful launch of a new commercial IoT Simplex product that alone contributed $2.0 million to equipment revenue during the second quarter.
Simplex products, such as our battery and solar-powered SmartOne, STX-3 and STINGR ("Simplex"). SmartOne Solar™
We are working with third party technology providers to develop IoT-focused Simplex products to connect into existing and new users and accelerate deployment of a Globalstar IoT product suite. Launched in March 2018, our SmartOne Solar™ device is the first of these IoT-focused products. It is solar-powered and supports larger and more frequent data transmission capabilities to enable a longer field life than existing devices. Solar-powered devices are expected to take advantage of our network's ability to support over 10 billion transmissions daily assuming an average message size of 90 characters. We expect to also develop machine-to-machine ("M2M") products that support two-way communications allowing for both tracking and control of assets in our coverage footprint.