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Globaltech Corp. (GLTK0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenue of $18,255,248 for 2024, a significant increase from $10,613,766 in 2023, attributed primarily to growth in international termination services.
Despite the revenue increase, the company reported a net loss of $2,946,293 for 2024, compared to a net loss of $8,324,958 in 2023.
Direct operating costs rose to $16,800,147 in 2024 from $10,011,781 in 2023, largely due to increased interconnect and settlement charges.
Other operating costs increased to $2,505,673 in 2024 from $1,973,780 in 2023, mainly due to higher legal and professional expenses.
Adjusted EBITDA for 2024 was $2,473,516, down from $2,929,562 in 2023, reflecting changes in revenue and cost structures.
The company highlighted its focus on expanding its Fiber to the Home (FTTH) services and its technology services, which contributed $400,000 in revenue for 2024.
Cash and cash equivalents as of December 31, 2024, were $3,455,270, including restricted cash of $2,633,019.
The company has significant debt obligations, with $6.29 million in principal debt as of December 31, 2024, and plans to address these through potential equity swaps and operational cash flows.
Globaltech Corp. is an emerging growth company and is exempt from certain Sarbanes-Oxley requirements, which it plans to address as it grows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Globaltech Corp. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.