GSATNasdaqCommunications Services, NECUS GAAP · USD

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.

Liikevaihto273milj. USD
+9,0 %v/v
Liikevoitto (EBIT)7,4milj. USD
+882,9 %v/v
EBIT-marginaali2,7%
+3,1 %-yks.v/v
Nettotulos−8,7milj. USD
+86,3 %v/v
Vapaa kassavirta622milj. USD
+41,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−300−200−1000100200300milj. USD2020: 128 milj. USD2020: EBIT −59 milj. USD20202021: 124 milj. USD2021: EBIT −66 milj. USD20212022: 149 milj. USD2022: EBIT −221 milj. USD20222023: 224 milj. USD2023: EBIT −0,17 milj. USD20232024: 250 milj. USD2024: EBIT −0,95 milj. USD20242025: 273 milj. USD2025: EBIT 7,4 milj. USD20252737,4
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
63,3%13,7%10,0%FY2025100 %
  • Services Wholesale Capacity63,3 %
  • Services SPOT13,7 %
  • Commercial Lo T10,0 %
  • Products5,7 %
  • Services Duplex5,6 %
  • Services Other1,7 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Globalstar sells to a mix of wholesale, retail, business, and government customers that need reliable communications beyond cellular coverage. A very large share of revenue comes from one wholesale customer under the Updated Services Agreements, while the rest comes from IoT users, SPOT subscribers, Duplex users, and government accounts. The company also sells through retail channels such as Amazon and outdoor specialty stores, as well as direct e-commerce and direct sales.

Wholesale capacity customer

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

Commercial IoT customers

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

SPOT subscribers

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

Duplex subscribers

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

Government and public safety users

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

Strategia

Globalstar is prioritizing wholesale satellite capacity, especially direct-to-cellular services under the Updated Services Agreements, while continuing to support its subscriber businesses. It is also investing in Commercial IoT devices, new two-way modules, and replacement satellites and ground infrastructure to extend network capability and licensing coverage. The strategy is to use the satellite system’s independence from terrestrial networks to win mission-critical and remote-connectivity use cases.

Scale wholesale capacity servicesLyhyt aikaväli

This is the main revenue engine and funds network expansion.

Develop Commercial IoT productsKeskipitkä aikaväli

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

Replace and expand the networkKeskipitkä aikaväli

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

Maantiede

Globalstar operates a global satellite network, so its business is inherently international even though it is headquartered in the United States. The company’s subscribers and services are used worldwide, especially in remote regions and places with weak terrestrial infrastructure, while its network depends on satellites, gateways, and spectrum licenses across multiple jurisdictions. No country-level revenue split was disclosed in the provided excerpts, but the business is exposed to U.S. regulatory approvals and global operating and supply-chain dependencies.

Riskit

Globalstar is highly exposed to concentration risk because one wholesale customer accounts for most revenue, so any change in that relationship could materially affect cash flow and funding capacity. The business is also capital intensive and operationally dependent on satellites, gateways, suppliers, and cybersecurity, which creates execution and outage risk. As a satellite operator, it faces industry-typical risks from launch delays, orbital life, hardware failure, and regulatory approvals.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration under Updated Services Agreements1Ground network disruption3Capital funding risk4Cybersecurity and network security breaches5Satellite and launch execution risk2
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentration under Updated Services AgreementsVaikutus: KriittinenTodennäköisyys: Kohtalainen

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

    Kohdistuu: Wholesale capacity services

  2. Satellite and launch execution riskVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: Network uptime and capacity

  3. Ground network disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Service continuity

  4. Capital funding riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Extended MSS Network

  5. Cybersecurity and network security breachesVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Satellite and ground network

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple service lines

Wholesale capacity, subscriber services, and equipment sales may recognize revenue at different times and under different contract terms.

Vaikutus: Affects quarterly revenue mix and comparability

Property and equipment estimates

Satellite and ground network assets require useful-life and impairment judgments.

Vaikutus: Affects depreciation expense and asset carrying values

Embedded derivative valuation

The 2024 Debt Repayment includes an embedded derivative that must be remeasured.

Vaikutus: Can create non-cash gains or losses

Customer prepayments and capital funding

Prepayments for the Extended MSS Network influence cash flow timing and balance sheet presentation.

Vaikutus: Affects liquidity and deferred revenue/financing analysis

Preferred stock dividends

Series A Preferred Stock carries cumulative cash dividends at a fixed rate.

Vaikutus: Reduces cash available to common equity holders

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026