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    Globalstar (GSAT)

    Q1 2025 Earnings Summary

    Reported on Jan 1, 1970 (After Market Close)
    Pre-Earnings Price$20.19Last close (May 8, 2025)
    Post-Earnings Price$19.15Open (May 9, 2025)
    Price Change
    $-1.04(-5.15%)
    MetricYoY ChangeReason

    Total Revenue

    +6.3% (from $56.48M in Q1 2024 to $60.032M in Q1 2025)

    Revenue growth was driven by higher contributions from Wholesale Capacity Services and Government & Other Services, which partially offset declines in subscriber segments. The increase reflects continued performance improvements compared to the previous period.

    Duplex Segment Revenue

    -27% (from $4.76M in Q1 2024 to $3.452M in Q1 2025)

    The sharp decline in Duplex revenue reflects a reduced subscriber base and the strategic discontinuation of Duplex devices, consistent with previous period trends where lower average subscribers led to significant revenue drops.

    SPOT Revenue

    -8.5% (from $10.24M in Q1 2024 to $9.371M in Q1 2025)

    Declines in SPOT revenue are driven by competitive pressures and a reduction in the subscriber base, mirroring challenges seen previously and resulting in a modest revenue drop despite efforts to stabilize ARPU.

    Wholesale Capacity Services

    +16% (from $31.63M in Q1 2024 to $36.709M in Q1 2025)

    Growth in this segment was propelled by expanded service fees and higher network costs, continuing the expansion strategy observed in prior periods though at a pace lower than the full-year increase seen in FY 2024.

    Government and Other Services

    +138% (from $0.40M in Q1 2024 to $0.955M in Q1 2025)

    The nearly tripled revenue in this category is primarily due to new government service contracts (including initiatives like the Parsons agreement) on top of a very modest previous base, creating a significant YoY uplift.

    Operating Income

    Deepened loss (80% increase in the loss, from -$4,712K to -$8,501K)

    Worsening operating income reflects a steep rise in operating expenses that outpaced revenue growth, particularly as margins were pressured by lower revenues in high-margin subscriber segments compared to the previous period.

    Net Income Attributable to Common Shareholders

    Loss expanded by 26% (from -$15,840K to -$19,946K)

    The further deterioration in net income is largely driven by the larger operating loss and reduced margin performance, compounding the challenges seen in Q1 2025 versus Q1 2024.

    Cash, Cash Equivalents and Restricted Cash

    -$149,753K drop (from $391,164K in Q4 2024 to $241,411K in Q1 2025)

    The significant contraction in liquidity highlights the use of cash for operational or investment activities, marking a stark decline from the previous quarter though additional detail is needed to explain the specific cash flow drivers.

    Research analysts covering Globalstar.