Globalstar, Inc.

Globalstar, Inc. operates a mobile satellite services network that provides voice, data, IoT, and wholesale satellite capacity services over its own constellation of satellites and ground gateways. The company serves retail, business, government, and wholesale customers that need connectivity outside terrestrial coverage or during network outages and disasters.

34,3 %

−3,2 %

+9,0 %

2.42

2.37

— Globalstar, Inc.
%
Wholesale capacity services63% Network access and related services sold under wholesale arrangements, including direct-to-cellular connectivity.
Commercial IoT10% Satellite-based data transmission products and services for remote monitoring and asset connectivity.
SPOT subscriber services14% Consumer and professional satellite messaging and location services through the SPOT device family.
Duplex services6% Two-way satellite voice and data communications for remote and mobile users.
Government and other services1% Satellite communications and related services sold to government and other customers.
Equipment and XCOM RAN6% Subscriber device sales and terrestrial spectrum/network solutions, including XCOM RAN systems.

Globalstar sells to a mix of wholesale, retail, business, and government customers that need reliable communications...

  • Wholesale capacity customerprimary

    Buys satellite network capacity and related services for direct-to-cellular connectivity; critical because it represents the majority of revenue.

  • Commercial IoT customerssecondary

    Buy satellite data transmission devices and service plans for remote monitoring, industrial telemetry, and asset tracking.

  • SPOT subscriberssecondary

    Buy personal safety and messaging devices and recurring service plans for recreation, travel, and emergency use.

  • Duplex subscriberssecondary

    Buy two-way voice and data services for remote business continuity, field operations, and travel.

  • Government and public safety usersemerging

    Buy resilient satellite communications for disaster response, mission-critical operations, and remote coverage.

Globalstar operates a global satellite network, so its business is inherently international even though it is...

  • •Global satellite network serves customers worldwide
  • •U.S.-based company with FCC-licensed satellite operations
  • •Remote and underserved regions are a core demand driver
  • •Gateway and network infrastructure span multiple jurisdictions
  • •No country revenue split disclosed in the excerpts

Globalstar is prioritizing wholesale satellite capacity, especially direct-to-cellular services under the Updated...

01
Scale wholesale capacity servicesshort-term

This is the main revenue engine and funds network expansion.

02
Develop Commercial IoT productsmedium-term

IoT broadens the subscriber base and diversifies revenue beyond one customer.

03
Replace and expand the networkmedium-term

New satellites and ground infrastructure are needed to sustain service quality and licensing.

Globalstar is highly exposed to concentration risk because one wholesale customer accounts for most revenue, so any...

critical

Customer concentration under Updated Services Agreements

One customer generated 63% of revenue in 2025, so contract changes or loss would hit revenue and cash flow.

Scope
Wholesale capacity services
Materiality
High
high

Satellite and launch execution risk

The business depends on timely satellite replacement and reliable orbital performance to maintain service.

Scope
Network uptime and capacity
Materiality
High
high

Ground network disruption

Gateways and ground facilities are essential to service delivery and can create outages if disrupted.

Scope
Service continuity
Materiality
High
high

Capital funding risk

Network expansion and satellite procurement require substantial capital and funding arrangements.

Scope
Extended MSS Network
Materiality
High
high

Cybersecurity and network security breaches

Unauthorized access or attacks could interrupt services, expose data, or impair contractual performance.

Scope
Satellite and ground network
Materiality
Medium
Revenue recognition across multiple service lines
Affects quarterly revenue mix and comparability
Property and equipment estimates
Affects depreciation expense and asset carrying values
Embedded derivative valuation
Can create non-cash gains or losses
Customer prepayments and capital funding
Affects liquidity and deferred revenue/financing analysis
Preferred stock dividends
Reduces cash available to common equity holders

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: 28/04/2026