Globalstar (GSAT) Company Report

Globalstar reported record full-year 2025 total revenue of $273 million, a 9% increase over 2024, and Adjusted EBITDA of $136.1 million, achieving a 50% margin.
In Q4 2025, total revenue reached $72 million, with service revenue increasing 17% and equipment revenue rising 31% year-over-year, primarily driven by wholesale capacity services and commercial IoT device sales.
The company concluded 2025 with $447.5 million in cash and cash equivalents and reported adjusted free cash flow of $171.5 million for the year.
Strategic milestones included the launch of two-way satellite IoT capabilities and the RM200M module, progress in XCOM RAN development with partners like Boingo and Virewirx, and the completion of 50% of its ITU financial commitments for network expansion.
For 2026, Globalstar anticipates total revenue between $280 million and $305 million, maintaining an Adjusted EBITDA margin of approximately 50%.

10 hours ago

Transcript

Globalstar Reports Record Full-Year 2025 Results and Provides 2026 Guidance

GSAT

Earnings

Guidance Update

New Projects/Investments

Globalstar reported record full-year 2025 total revenue of $273 million, a 9% increase over 2024, and Adjusted EBITDA of $136.1 million with a 50% margin.
The company saw significant improvements in profitability, with income from operations reaching $7.4 million (compared to a $0.9 million loss in 2024) and net loss improving to $7.6 million (from $63.2 million in 2024).
Globalstar ended 2025 with a strong liquidity position, including $447.5 million in cash and cash equivalents and $171.5 million in Adjusted free cash flow.
For 2026, the company expects total revenue between $280 million and $305 million with an Adjusted EBITDA margin of approximately 50%.
Operationally, 2025 was transformational with the launch of two-way satellite IoT capabilities, completion of 50% of the $2 billion ITU financial commitment for network extension, and targeted replenishment satellite launches in the second quarter and second half of 2026.

10 hours ago

Transcript

Globalstar announces Q4 and FY 2025 results

GSAT

Earnings

Guidance Update

Product Launch

Full year 2025 revenue increased 9% to a record $273.0 million, in line with guidance, and Adjusted EBITDA margin was 50%.
Net loss for FY 2025 was $8.7 million, a significant improvement from a net loss of $63.2 million in 2024.
Launched two-way satellite IoT capabilities and completed commercial rollout of the RM200M module, expanding addressable markets.
Ended 2025 with $447.5 million in cash and cash equivalents, up from $391.2 million at the end of 2024.
Provided 2026 guidance: total revenue expected between $280 million and $305 million with Adjusted EBITDA margin of approximately 50%.

11 hours ago

8-K

Globalstar announces Q4 and FY 2025 results

GSAT

Earnings

Product Launch

New Projects/Investments

Full year 2025 revenue increased 9% to a record $273.0 million, with an Adjusted EBITDA margin of 50%, both in line with guidance.
Q4 2025 revenue was $72.0 million, including $67.4 million in service revenue and $4.6 million from subscriber equipment sales.
Net loss for Q4 2025 was $11.6 million, a significant improvement from a net loss of $50.2 million in Q4 2024.
The company launched two-way satellite IoT capabilities and completed the commercial rollout of the RM200M module, expanding addressable markets.
Globalstar progressed on global ground infrastructure expansion and next-generation satellite constellation development, supporting long-term growth.

11 hours ago

Press Release

Globalstar's XCOM RAN to be Integrated by Boingo Wireless

GSAT

New Projects/Investments

Globalstar's XCOM RAN, an advanced software-defined private 5G platform, will be integrated by Boingo Wireless, a leading provider of 5G, Wi-Fi, and private network connectivity solutions.
Boingo Wireless has validated the performance of XCOM RAN, confirming its reliability and spectrum flexibility for delivering carrier-grade private connectivity across various frequency bands and deployment models.
This integration will enable Boingo to enhance its converged network portfolio, providing greater efficiency, speed, security, and ultra-low latency for critical operations in high-traffic environments such as airports, stadiums, and military bases.
XCOM RAN is designed for mission-critical industrial automation, offering increased capacity and the unique ability to leverage Globalstar's licensed Band n53 for worry-free private 5G deployments.

Feb 3, 2026, 2:16 PM

Press Release

Globalstar Expands Ground Infrastructure in South Korea

GSAT

New Projects/Investments

Globalstar is completing a major expansion of its ground infrastructure in Yeo Ju, South Korea, with the installation of three new six-meter C-3 tracking antennas.
This enhancement supports its third-generation mobile satellite services across East Asia, aiming to ensure high service quality and redundancy for next-generation mobile satellite connectivity, including IoT and D2D solutions.
The South Korea project is part of a broader global expansion involving up to 90 new tracking antennas for Globalstar's C-3 Satellite System, with construction ongoing at 15 different locations in nine countries.
This initiative represents a significant investment in the network's functionality, capacity, and future-proofing to support services for hundreds of millions of people worldwide.

Jan 14, 2026, 2:16 PM

Press Release

Globalstar Reports Record Q3 2025 Revenue and Reaffirms Full-Year Outlook

GSAT

Earnings

Guidance Update

New Projects/Investments

Globalstar reported record Q3 2025 total revenue of $73.8 million, driven by growth in wholesale capacity services and commercial IoT, contributing to a year-to-date total revenue of $201 million, a 6% increase.
The company maintained strong profitability with a Q3 adjusted EBITDA margin of 51% and a year-to-date margin of 52%, even while making substantial investments in XCOM and Next Generation products.
Commercial IoT subscriber growth reached 543,000, a 6% increase, with equipment revenue up 60% year-over-year, and the recent commercial availability of its two-way module is expected to drive further demand. The company also noted progress in the government sector and an initial order for XCOM RAN.
Globalstar ended Q3 2025 with $346.3 million in cash and cash equivalents and generated $133.3 million in adjusted free cash flow year-to-date, reiterating its full-year 2025 revenue outlook of $260 million to $285 million and an adjusted EBITDA margin of approximately 50%.

Nov 6, 2025, 10:00 PM

Transcript

Globalstar Announces Third Quarter 2025 Financial Results

GSAT

Earnings

Guidance Update

New Projects/Investments

Globalstar, Inc. reported record high revenue of $73.8 million for the third quarter of 2025, primarily driven by increased wholesale capacity services and subscriber equipment sales.
The company reaffirmed its full-year financial guidance, projecting revenue between $260 million and $285 million and an Adjusted EBITDA margin of approximately 50%.
For Q3 2025, net income was $1.1 million and Adjusted EBITDA was $37.6 million.
Key operational advancements include progressing the Extended MSS Network and C-3 satellite system, achieving global availability for the RM200M two-way module, and securing an initial order for XCOM RAN technology from a new warehouse automation customer.

Nov 6, 2025, 9:16 PM

8-K

Globalstar Announces Third Quarter 2025 Financial Results

GSAT

Earnings

Guidance Update

Product Launch

Globalstar reported record high third quarter 2025 revenue of $73.8 million, driven by higher wholesale capacity services and subscriber equipment sales. For the first nine months of 2025, total revenue was $201.0 million, a 6% increase compared to the same period in 2024.
The company reiterated its full-year 2025 financial guidance, projecting total revenue between $260 million and $285 million and an Adjusted EBITDA margin of approximately 50%.
Operational highlights include advancing the development of the Extended MSS Network and C-3 satellite system, achieving global availability for the new RM200M two-way module, and receiving an initial order from a new warehouse automation customer utilizing XCOM RAN technology.

Nov 6, 2025, 9:15 PM

Press Release

Globalstar Expands Ground Infrastructure in Brazil

GSAT

New Projects/Investments

Globalstar is expanding its ground infrastructure in Brazil by installing eight new six-meter C-3 tracking antennas at four locations: Manaus, Petrolina, Presidente Prudente, and Sao Paulo.
This expansion supports Globalstar's third-generation Mobile Satellite Services across Central and South America, aiming to ensure high service quality and redundancy for solutions like IoT and D2D.
The Brazil project is part of a broader global expansion that includes installing up to 90 new tracking antennas across 14 locations in eight countries on four continents, representing a significant investment in network functionality and capacity.

Nov 4, 2025, 2:16 PM

Press Release