GSAT
Globalstar, Inc.63.70
-5.35-7.75%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Milestones clarified, reaffirms script
Q&A largely reaffirmed prepared remarks on execution momentum, adding timeline color without contradictions or shifts. Management pinned replenishment satellite launches to Q2 and H2 2026, following C3 critical design review completion. XCOM RAN validated dense throughput and DAS capacity boosts with Boingo, expanding pipeline to stadiums, military bases, and CBRS. Two-way IoT module hit mass production, but revenues lag customer integrations—still one-way dominant. Government pipeline bulges with Parsons regional buildouts. No surprises. Watch launches and IoT ramp.
Key Stats
Market Cap
8.08BP/E (TTM)
-Basic EPS (TTM)
-0.46Dividend Yield
0%Recent Filings
8-K
9% revenue growth, 50% EBITDA margin
Globalstar reported 2025 revenue of $273.0 million, up 9% from 2024, with Adjusted EBITDA at $136.1 million and 50% margin. Q4 revenue hit $72.0 million while net loss narrowed sharply to $11.6 million. Record cash of $447.5 million funds satellite and infrastructure push. 2026 guides $280-305 million revenue.
10-K
FY2025 results
Globalstar posted FY2025 revenue of $273M, up 9% y/y, driven by 19% growth in wholesale capacity services to $173M from Apple that now comprise 63% of total. Commercial IoT activations hit a record high, up over 50% y/y with average subscribers rising 6% to 539K despite slight ARPU dip, while SPOT and Duplex declined on subscriber losses. Operating expenses climbed 6% to $266M on network costs and a $7M satellite disposal loss, yet cash from operations soared to $622M fueled by $431M infrastructure prepayments. Q4 saw $131M in prepayments and network momentum with Commercial IoT sales doubling y/y. Debt stands at $410M; liquidity bolsters $448M cash. Satellite failures risk quarterly service disruptions.
8-K
Record Q3 revenue, guidance intact
Globalstar posted Q3 revenue of $73.8 million, a record high fueled by wholesale capacity services and 60% higher Commercial IoT equipment sales, while service revenue edged up on subscriber gains despite Duplex/SPOT churn. Progress advanced on C-3 satellites and global ground infrastructure, plus XCOM RAN's first warehouse order. Reaffirmed 2025 guidance: $260-285 million revenue, ~50% Adjusted EBITDA margin. Capex strained cash to $346.3 million.
10-Q
Q3 FY2025 results
Globalstar posted Q3 revenue of $73.8M, up 2% y/y from $72.3M, with service revenue climbing to $69.6M on 8% wholesale capacity growth to $47.3M while SPOT and Duplex dipped. Operating income edged to $10.2M from $9.4M y/y, but net swung to $1.1M profit from $9.9M as interest expense jumped to $11.0M from $2.9M due to the 2024 Debt Repayment; diluted EPS held at $(0.01) versus $0.06 y/y with anti-dilution from warrants. Cash burned to $346.3M after $486M capex on Extended MSS Network, offset by $445.8M operating cash flow; debt steady at $419M principal with $734M deferred revenue. Massive satellite and gateway builds underway. Customer remains 64% of revenue.
8-K
Q2 revenue up 11%
Globalstar reported Q2 2025 revenue of $67.1 million, up 11% from last year, fueled by wholesale capacity services and Commercial IoT growth, while net income swung to $19.2 million from a prior loss. Adjusted EBITDA rose to $35.8 million with a 53% margin, bolstered by a $1.9 million CARES Act credit, yet offset by XCOM development costs. The company signed a SpaceX launch deal for nine replacement satellites in 2026 and advanced C-3 network expansion with new antennas in Texas, Japan, and Canada. Revenue will hit $260–$285 million for 2025.
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