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CLOSED · 08:25 ET
Market ClerkRecap
Sun Nov 1 · markets closed1 signal on Oct 31129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

GLTKD

GlobalTech Corp
COMMUNICATION SERVICES · TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE)
4.75
−0.30 −5.94%
USD · close Oct 16
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Work order
74
PASS · shorts 74
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $722.6MP/E —DIV YIELD —FCF YIELD -0.48%REV TTM $33.6M +68.5%NET INCOME −$4.4MNET CASH $149K52W 4.51 – 5.10SEC XBRL · TTM TO Invalid Date

How GLTKD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
30%
of sentences unchanged
Added
865
new sentences
Dropped
473
sentences removed
Length
+13,499
words, now 49,005

New in FY2025

  • Risk Factors, which depicts important factors that could cause actual results to differ from expectations.
  • International voice termination into Pakistan is a major revenue stream for the Company and it increased by $1.38 million in 2025 compared to 2024.
  • Broadband customers increased in 2025 through our offering of more affordable broadband only service on FTTH and additional revenues of $0.35 million were recorded in 2025.
  • Video revenue decreased in 2025 primarily due to a decline in the number of residential video customers, partially offset by an increase in average rates.
  • Additionally, the decrease in Cable TV customers is mostly on account of disengagement and conversion of Cable TV connectivity to broadband reseller bandwidth offered to the same customers.
  • There was minimal to no impact on the service revenue from this transition.
  • The segment recorded additional revenues of $0.40 million in 2025, compared to 2024.
  • The Company has the following significant products and services in its technology offerings: Digital Lending Platform CADNZ is a unique AI – Enabled Digital Lending Platform that seeks to deliver frictionless operational excellence.
  • ERP with e-commerce integration Our Thrivo.
  • AI platform is being developed by the Company to integrate retail centric ERP with AI enabled e-commerce offerings.
  • Results of Operations Net Revenue: Revenue is derived from telecom services broadband services, technology services and retail footwear.
  • Telecom services-related revenue stood at $17.45 million for the year ended 2025, compared to $16.07 million for the year ended 2024.
  • This increase of approximately $1.38 million was primarily due to an increase in the volume of our international termination business.
  • The volume of 846 million minutes was in 2025, whereas in 2024 the minutes were 661 million were recorded.
  • Broadband services generated revenue of $1.49 million in 2025, compared to $1.14 million in 2024.
  • This increase of $0.35 million was mainly due to 57,000 additional internet service connection sales in 2025.
  • Technology Revenue was $2.52 million in 2025 compared to $1.11 million, which was due to delivery of some IT projects.
  • Retail footwear revenue recorded was $0.64 million, which was the result of acquisition of 123 Investments Limited on December 15, 2025 and associated revenue through the end of the year.
  • Non-GAAP (loss) profit from operations (operating loss plus other income) (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the year ended 2025 was $1.46 million, and net loss for the year ended 2024 ended was $0.40 million.
  • Adjusted EBITDA (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the year ended 2025 is $0.89 million, whereas Adjusted EBITDA for the year ended 2024 is $2.47 million.
  • Non-GAAP Financial Measures We have included non-GAAP loss from operations and Adjusted EBITDA in this Report as a supplement to Generally Accepted Accounting Principles (GAAP) measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations.
  • Non-GAAP loss from operations and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period.
  • Non-GAAP loss from operations and Adjusted EBITDA have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP.
  • We believe non-GAAP loss from operations provides our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as this metric includes the effect of other income.
  • Additionally, other companies in our industry may calculate non-GAAP operating loss and Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.
  • You should not consider non-GAAP operating loss and Adjusted EBITDA in isolation, or as a substitute for analysis of the Company’s results as reported under GAAP.
  • The Company’s presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items.
  • We compensate for these limitations by providing a reconciliation of these non-GAAP measures to the most comparable GAAP measure.
  • We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.
  • We realized revenue, Adjusted EBITDA and non-GAAP loss from operations during the periods presented below as follows (all percentages are calculated using whole numbers.
  • Minor differences may exist due to rounding): December 31, 2025 2024 Net revenue $ 22,068,599 $ 18,255,248 Adjusted EBITDA $ 892,877 $ 2,473,516 Loss from Operations $ (1,463,735 ) $ (401,281 ) Set forth below is a presentation and reconciliation of our Adjusted EBITDA for the years ended December 31, 2025 and 2024 to net loss: December 31, 2025 2024 Loss from operations $ (3,730,391 ) $ (4,057,349 ) Plus, other income $ 2,266,656 $ 3,656,068 Net GAAP loss from operation $ (1,463,735 ) $ (401,281 ) December 31, 2025 2024 Net revenue $ 22,068,599 $ 18,255,248 GAAP net loss (3,147,248 ) (2,946,293 ) Add back (subtract) Depreciation and amortization 2,134,459 2,804,936 Finance cost 1,395,710 2,365,281 Taxation 287,802 179,733 Exchange loss 222,153 69,859 Adjusted EBITDA $ 892,877 $ 2,473,516 Non-GAAP operating loss is defined as GAAP operating loss plus other income.
  • Adjusted EBITDA is defined as net income attributable to GlobalTech Corporation shareholders plus net income attributable to non-controlling interest, net interest expense, income taxes, depreciation and amortization, and other operating (income) expenses, net, such as exchange loss/(gain).
  • Adjusted EBITDA and non-GAAP operating loss for 2025 were impacted by the increase in revenue, mainly by the increase in revenue of international termination, broadband, technology services and retail footwear, whereas Adjusted EBITDA and non-GAAP operating loss in 2024 were mainly impacted by exchange loss due to devaluation of currency.
  • On December 15, 2025, the Company acquired 51% of 123 Investments Limited as a result of growth in revenue from such acquisition was observed.
  • Direct operating costs: Direct operating costs stood at $20.06 million for the year ended 2025, compared to $16.80 million for the year ended 2024.
  • Other operating costs : Other operating costs stood at $3.27 million for the year ended 2025, compared to $2.51 million for the year ended 2024.
  • The increase in operating costs was mainly due to increases in legal and professional and business promotion expenses.
  • Depreciation and amortization : Depreciation and amortization for the year ended December 31, 2025 was $2.13 million, compared to $2.80 million for the year ended December 31, 2024.
  • The decrease of $0.67 million was mainly due to the full amortization of one of the intangible assets which was still being amortized in the prior period.
  • Other expenses: Other expenses stood at $0.33 million during the year ended December 31, 2025 compared to $0.20 million during the year ended December 31, 2024.

and 825 more.

Gone since FY2024

  • Risk Factors depict important factors that could cause actual results to differ from expectations.
  • International voice termination into Pakistan is a major revenue stream for the Company and it increased by $6.42 million in 2024 compared to 2023.
  • Broadband customers increased in 2024 through our offering of more affordable broadband only service on FTTH and additional revenues of $0.86 million were recorded in 2024.
  • Video revenue decreased in 2024 primarily due to a decline in the number of residential video customers, partially offset by an increase in average rates.
  • The segment recorded additional revenues of $0.40 million in 2024, compared to 2023.
  • The Company has following significant product and services in its technology offerings: Digital Lending Platform CADNZ is a unique AI – Enabled Digital Lending Platform that seeks to deliver frictionless operational excellence.
  • ERP with e-commerce integration Our Thrivo.AI platform is being developed by the Company to integrate retail centric ERP with AI enabled e-commerce offerings.
  • Service 1a is charged at bulk monthly rates with unlimited volumes of traffic.
  • The origination operator is able to generate additional volumes by offering discounted calling rates for Pakistan and local Pakistani operators connected to the Company’s LDI networks which benefits from additional income by utilization of vacant capacity on the interconnect.
  • The Company’s margin is fixed irrespective of the volume of traffic.
  • Service 1b is charged on per minute of traffic (on per second incremental basis) to the originating party along with a corresponding termination rate charged by the terminating party connected to Company’s LDI network.
  • Services 2a and 3a is direct fiber connectivity to the end user through Fiber to the Home (FTTH) architecture.
  • Service is charged as per subscription opted by the end user and includes cable TV and broadband data.
  • Cable TV offerings further includes the option for analogue, digital or both services.
  • Services 2b and 3b is direct hybrid fiber coaxial (HFC) connectivity to the end user.
  • Cable TV offerings further include options to have analogue, digital or both services.
  • Compared to FTTH, HFC offers a lower capacity broadband connectivity for the end-user.
  • Service 2c is connecting local resellers to the Company’s backbone where service offerings and packaging is done by the Company and local loop operators only manage subscriber services for connectivity and network maintenance.
  • The Company charges individual packages on a pre-paid top-up basis.
  • Service 2d provides backhaul and core network connectivity for telecom operators along with P2P links for corporate data connectivity.
  • Telecom operator’s charges are on a long-term lease basis with O&M charged on an annual basis for a specific length of fiber optic network deployment.
  • For corporate clients, this includes one-time charges for network deployment with monthly O&M.
  • Service 3c connects and provides local cable operators and local loop operators with the Company’s Cable TV services (Analogue and Digital).
  • The connection is made on fiber optic cable to end-user premises and further distribution is handled by local loop operators through their own resources.
  • Service 1 is monitored for volume of traffic and applicable rates.
  • Services 2a, 2b, 2c, 3a and 3b are monitored on subscriber connected basis.
  • Services 2d and 3c are monitored for new sales and a Service Level Agreement (SLA) is delivered for existing customers.
  • Service 4a, for our software development services, the Company charges on a delivery basis with prices for services and products. as per negotiated contract terms with clients.
  • Service 4b, for software products, the charges are on annual and /or monthly subscription basis along with options for charging on per query and /or usage basis.
  • Results of Operations Net Revenue: Revenue is derived from telecom services and broadband services.
  • Telecom services-related revenue stood at $16.067 million for the year ended 2024, compared to $9.643 million for the year ended 2023.
  • This increase of approximately $6.424 million was primarily due to an increase in the volume of our international termination business.
  • Broadband services generated revenue of $1.856 million in 2024, compared to $0.997 million in 2023.
  • This increase of $0.859 million is mainly due to internet service sales in 2024.
  • Technology Revenue was $0.40 million in 2024, which is a new stream of income which took place during the current year.
  • Adjusted net loss for the year ended 2024 was $0.40 million, and net loss for the year 2023 ended was $6.019 million.
  • Adjusted EBITDA (a non-Generally Accepted Accounting Principles (GAAP) financial measure, see “Non-GAAP Financial Measures”, below) for the year ended 2024 is $2.47 million, whereas Adjusted EBITDA for the year ended 2023 is $2.93 million.
  • Non-GAAP Financial Measures We have included Adjusted EBITDA in this Report as a supplement to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations.
  • Adjusted EBITDA is presented because we believe it provides additional useful information to investors due to the various noncash items during the period.
  • Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP.

and 433 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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