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Globalstar, Inc. (GSAT) is a provider of Mobile Satellite Services (MSS) that include voice and data communications, wholesale capacity services, and Internet of Things (IoT) connectivity. The company operates a global satellite network to deliver reliable communication solutions in areas underserved by terrestrial networks or during network outages. Globalstar sells satellite-based services and subscriber equipment to retail, business, and governmental customers.
- Wholesale Capacity Services - Provides satellite network access and related services using its satellite spectrum and infrastructure, catering to partners like Apple.
- Commercial IoT - Supports IoT data transmissions for various applications, serving hundreds of thousands of connected devices globally.
- SPOT - Offers satellite-based tracking and communication services with a substantial subscriber base.
- Duplex - Delivers voice and data communication services to retail and business customers.
- Government and Other Services - Provides engineering and communication services, including partnerships with governmental entities.
- Subscriber Equipment Sales - Sells satellite communication devices and equipment to support its service offerings.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dr. Paul E. Jacobs ExecutiveBoard | Chief Executive Officer (CEO) | Founder, CEO and Chairman of XCOM Labs (now Virewirx, Inc.) since 2018; Director at Dropbox, Inc. since April 2016; Director at Arm Limited since December 2022 | Dr. Paul E. Jacobs is the CEO of Globalstar, Inc. since August 2023. He also serves as a member of the Board of Directors and acts as the Chief Operating Decision Maker, overseeing the company’s operations. | View Report → |
James Monroe III ExecutiveBoard | Executive Chairman of the Board | Majority Owner of Thermo Companies | James Monroe III has served as the Executive Chairman of the Board at Globalstar, Inc. since 2004 and previously held the CEO role from 2005 to 2009 and again from 2011 to 2018, demonstrating his long-term strategic leadership in the telecommunications industry. | |
Timothy E. Taylor ExecutiveBoard | Vice President, Finance, Business Operations, and Strategy | Partner at The Thermo Companies; Board Member at Birch Investment Partners, LLC | Timothy E. Taylor has served as Globalstar's Vice President, Finance, Business Operations, and Strategy since 2010 and as a Director since 2018. He also holds external roles as Partner at The Thermo Companies since 2010 and as Board Member at Birch Investment Partners, LLC since 2017. | |
L. Barbee Ponder IV Executive | General Counsel and Vice President of Regulatory Affairs | L. Barbee Ponder IV has served as General Counsel and Vice President of Regulatory Affairs at Globalstar, Inc. since July 2010. Previously, he held regulatory counsel positions at BellSouth and worked as a Commercial Litigation Attorney at Jones Walker Law Firm. | ||
Rebecca S. Clary Executive | Vice President and Chief Financial Officer (CFO) | Rebecca S. Clary is the Vice President and CFO of Globalstar, Inc. since August 2014, previously serving as Chief Accounting Officer from January 2013 to August 2014 and Corporate Controller from June 2011 to January 2013. She built her career with foundational experience at PricewaterhouseCoopers LLP, enhancing her expertise in audit and assurance. | ||
Benjamin G. Wolff Board | Director | President and CEO at Palladyne AI since February 2024 ; Co-Founder and Board Member at Palladyne AI since 2023 ; Board Member at FORT Robotics | Benjamin G. Wolff has been serving as a Director at Globalstar, Inc. since 2018, where he provides critical telecommunications insights and extensive capital markets experience. | |
James F. Lynch Board | Director | Managing Partner of Thermo Capital Partners, L.L.C. | James F. Lynch has served as a Director at Globalstar, Inc. since 2003, bringing extensive financial management expertise to the board. He also actively contributes to financial strategy through his role as Managing Partner of Thermo Capital Partners, L.L.C. since October 2001. | |
Keith O. Cowan Board | Director | Chief Development Officer at Rivada Networks, Inc. (August 2020) ; Chief Executive Officer at Cowan Consulting Corporation LLC (January 2013) ; Chief Executive Officer at NVR3 LLC (September 2019) | Keith O. Cowan is a Director at Globalstar, Inc. since December 2018. He is recognized for his extensive telecommunications expertise and strategic leadership, having held external roles such as Chief Development Officer at Rivada Networks, Inc., CEO at Cowan Consulting Corporation LLC, and CEO at NVR3 LLC. | |
William A. Hasler Board | Director and Chair of the Audit Committee | William A. Hasler has been a Director at Globalstar since 2009 and serves as Chair of the Audit Committee, bringing extensive financial and corporate governance expertise to the board. He has held key roles including Co-Chief Executive Officer of Aphton Corp. (1998-2004), Dean of the Haas School of Business (1991-1998), and Vice Chairman of KPMG Peat Marwick (1984-1991). |
- Given that you have not provided a clear update on the satellite launch timeline for the extended MSS network and the Aurora constellation, can you specify the critical milestones and outline the main risks that might delay these deployments?
- With margin compression expected over the next 12–18 months due to increased CapEx and strategic investments, how confident are you in your assumptions about future CapEx reimbursements and operating cash flow to restore margins?
- As you ramp up the deployment of the new 2-way IoT solutions, what concrete steps are being taken to reduce costs and compete with alternative connectivity solutions, and how do you plan to convert beta feedback into rapid commercial adoption?
- With 85% of your network capacity currently allocated to your wholesale customer under the updated service agreements, how do you justify this allocation strategy in light of your goal to expand revenue from direct consumer markets and diversify your customer base?
- Given the ongoing regulatory discussions on spectrum sharing and the importance of maintaining a prioritized spectrum position, what specific measures are you implementing to guard your spectrum rights, and how might potential changes in regulations impact your long-term growth strategy?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Operates its owned and leased satellites and provides communications technologies and services to enterprises, consumers, military, and government users. Completed the acquisition of Inmarsat, which owned and operated a fleet of geostationary satellites. Due to its multiple-satellite geostationary system, its coverage area extended to and covered most bodies of water more completely than our system, making it the leading provider of satellite communications services to the maritime sector. | |
Owns and operates a fleet of LEO satellites and provides MSS voice and data communications to businesses, the United States government, foreign governments, non-governmental organizations, and consumers. Markets products and services similar to those marketed by us. | |
ORBCOMM | Owns and operates a fleet of LEO satellites and primarily provides asset tracking, monitoring, and control solutions for its customers in the Commercial IoT market, which directly compete with our Commercial IoT products and services. |
Thuraya | Our principal regional MSS competitor in the Middle East and Africa, serving customers who require regional, not global, mobile voice and data services. |
SpaceX's Starlink | Has launched its Starlink constellation and announced a partnership with a major U.S. wireless network operator to provide direct-to-cellular service. |
A licensed spectrum holder that is a successful competitor for use cases requiring low data over longer distances primarily for utilities. | |
Nextwave | Competes with our terrestrial spectrum efforts in the United States. |
Terrastar | Competes with our terrestrial spectrum efforts in the United States. |
Recent press releases and 8-K filings for GSAT.
- Q1 2025 revenue reached $60.0 million, a 6% increase year-over-year, with a net loss of $17.3 million and Adjusted EBITDA of $30.4 million (51% margin).
- The company launched a two-way satellite IoT solution and opened a new Satellite Operations Control Center at its Covington, LA headquarters to support next-generation connectivity and operational improvements.
- Globalstar reaffirmed its 2025 financial guidance, expecting total revenue between $260M and $285M and an adjusted EBITDA margin of approximately 50%, underscoring its proactive strategy amid a dynamic global trade environment.
- For full-year 2024, Globalstar reported record total revenue of $250.3 million and record adjusted EBITDA of $135.3 million with margins rising to 54% .
- In Q4 2024, revenue reached $61.2 million with adjusted EBITDA of $30.4 million, representing a 17% and 21% increase, respectively .
- Strong service revenue and a growing Commercial IoT business drove a 12% increase in full-year revenue .
- Strategic milestones include a NASDAQ Global Select Market uplisting and a 1-for-15 reverse stock split to enhance liquidity and align share structure .
- Looking ahead, 2025 guidance projects revenue between $260 million and $285 million with an expected adjusted EBITDA margin around 50%, reflecting strategic investments in technology and network expansion .
- Q4 results also noted a widened net loss due to non-operating expenses .