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GlobalstarGSAT

Legal name
Globalstar, Inc.
Sector
Technology
Industry
Communications Services, NEC
Exchange
Nasdaq

Stock Price $GSAT

Latest filings

You are here#18 of 18 in Communication by market cap

Filing record · 2016–202610-K1310-Q328-K105

GSAT filed 13 annual reports (10-K), 32 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’17Nov ’17
  2. Auditor change8-K · Mar ’20Mar ’20
  3. Material agreement8-K · Feb ’23Feb ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $273.0M
YoY changeLargest recent move+50.7%in FY23Latest +9.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All GSAT Financial Metrics56 metrics

Income Statement16

Balance Sheet25

Cash Flow11

Per Share4

02—Overview

Globalstar Financial Overview 2021–2025

Updated Nov 3, 2026

A full 63% of Globalstar’s FY2025 total revenue originated from a single technology partner, transforming the legacy satellite operator into a dedicated bandwidth toll road. This customer concentration defined the company's financial trajectory, shifting the business away from retail hardware and positioning the network for a corporate buyout. Total revenue scaled from $124.3 million in FY2021 to $273.0 milliona in FY2025, driven almost entirely by the expansion of these wholesale capacity agreements.

To construct this infrastructure, the company secured a $1.1 billionb prepayment in late FY2024 to fund a new satellite constellation. This capital injection accelerated ground network expansions, though the resulting capital expenditures initially kept the core business unprofitable. However, Globalstar managed to narrow its net loss from $63.2 million in FY2024 to $8.7 million in FY2025. The market recognized this turnaround; at the close of FY2025, shares traded at $61.04 against an EPS of $-0.15. This strategy ultimately culminated in Q1 2026 when Amazon agreed to acquire the company in a transaction offering stockholders $90.00 per share.

Recent Developments (Q1 and Q2 2026)

Globalstar's Q1 2026 revenue rose 17% to $70.1 millionc, led by wholesale capacity of $46.3 million. Operating income reached $8.2 million against a prior-year loss. Q2 2026 reversed course: revenue fell 3% to $64.8 million, and the company swung to a $4.8 million operating loss. MG&A jumped to $23.0 million from $9.7 million on Amazon deal fees. Net loss was $26.5 million, versus net income of $19.2 million a year earlier.

The Amazon deal offers $90.00d in cash or 0.3210 Amazon shares, with cash elections prorated to 40%. It can be cut by up to $110 million on satellite milestones. The customer prepayment ceiling rose to about $1.6 billion. The waiting period expired July 17, 2026, and closing is expected in 2027.

Bull case: Commercial IoT subscribers grew 9%, and cash rose to $409.8 millione. Bear case: Adjusted EBITDA fell to $26.0 million from $35.8 million. At $83.24 as of the Q2 2026 report date, the stock trades about 7.5% below the offer. Earnings are negative, so P/E is not meaningful.

What to watch: FCC and international approvals; satellite milestones affecting the merger price adjustment

03—Filings

Recent SEC Filings

  1. 8-KGlobalstar 8-K Report, Financial Results (Aug 6, 2026)Globalstar (GSAT) reported second quarter 2026 results showing revenue of $64.8 million, down from $67.1 million a year earlier, and a swing to an operating loss of $4.8 million versus $6.1 million of operating income in Q2 2025. Net loss widened to $26.5 million from net income of $19.2 million, driven by higher interest expense (including non-cash imputed interest on the 2024 Prepayment Agreement), unfavorable foreign currency remeasurement, and higher MG&A, which rose to $23.0 million from $9.7 million largely on Amazon transaction-related legal and professional fees. Adjusted EBITDA fell to $26.0 million from $35.8 million, and the prior-year quarter was flattered by $6.6 million of out-of-period wholesale capacity revenue. Service revenue declined 5% year over year, though excluding that item it would have grown about $3.4 million, supported by Commercial IoT growth, offset by continued declines in Duplex and SPOT subscribers. On the balance sheet, cash fell to $409.8 million from $447.5 million at year-end 2025, and capital expenditures of $208.3 million for the six months reflect the next-generation satellite and Extended MSS Network build-out. Total debt principal rose to $423.7 million, and stockholders' equity declined to $292.6 million. Deferred revenue grew substantially, reaching $1.03 billion in non-current liabilities, reflecting the Infrastructure Prepayment. Adjusted free cash flow was $43.5 million for the first half versus $77.9 million a year earlier, mainly due to timing of Updated Services Agreement cash receipts. Strategically, the pending merger with Amazon is progressing: the HSR waiting period expired July 17, 2026, but the FCC and certain international approvals remain outstanding, and the company expects closing in 2027, contingent on HIBLEO-4 replacement satellite milestones. The first replacement satellite launch was rescheduled to later in the month. Management also stated it will no longer hold earnings calls or provide forward guidance while the transaction is pending, which limits near-term visibility for investors.
  2. 8-KGlobalstar 8-K Report, Shareholder Vote Results (May 15, 2026)Globalstar, Inc. filed this Form 8-K to report the results of its 2026 annual meeting of stockholders, held May 13, 2026. The filing covers routine governance matters only: the election of two Class B directors, ratification of Ernst & Young LLP as auditor for 2026, and an advisory say-on-pay vote. It contains no financial results, guidance, transactions, or strategic announcements, so it is unlikely to move the stock on its own. Stockholder turnout was strong, with 115,549,917 of 128,591,126 outstanding shares (about 89.9%) represented. Both director nominees, James F. Lynch and Timothy E. Taylor, were elected to terms ending at the 2029 annual meeting. Lynch drew about 90.8% of votes cast in his favor, while Taylor drew about 95.4%. Each received a meaningful number of withhold votes, with Lynch's withhold share (about 9.2% of votes cast) notably higher than Taylor's (about 4.6%), which investors may want to note. The auditor ratification passed with about 99.4% of shares represented voting in favor, indicating little dissent on the choice of Ernst & Young. The advisory say-on-pay proposal passed with about 96.3% of votes cast in favor, suggesting broad stockholder acceptance of executive compensation. Investors seeking company-specific fundamentals should consult the company's quarterly and annual reports rather than this filing.
  3. 8-KGlobalstar 8-K Report, Financial Results (May 7, 2026)Globalstar reported first quarter 2026 results on May 7, 2026, with total revenue of $70.1 million, up 17% year over year from $60.0 million, driven mainly by higher wholesale capacity services revenue. That revenue growth is largely tied to reimbursement of network-related costs. Income from operations swung to $8.2 million from a loss of $8.5 million a year earlier, while net loss was essentially flat at $17.4 million because interest expense rose to $19.8 million, including non-cash imputed interest on the 2024 Prepayment Agreement, and foreign currency losses widened. Adjusted EBITDA rose to $33.5 million from $30.4 million, though management noted ongoing spending on the XCOM RAN product ahead of significant revenue. The most important development for investors is the April 13, 2026 definitive merger agreement with Amazon.com, Inc. Globalstar stockholders may elect $90.00 in cash or 0.3210 Amazon shares per Globalstar share, capped at $90.00 in value, with cash elections prorated to a maximum of 40% of outstanding shares. The consideration is subject to a downward adjustment of up to $110 million if Globalstar misses certain operational milestones. The majority stockholder has already approved the deal by written consent, and closing is expected in 2027 subject to regulatory approvals. The company has also suspended earnings calls and forward guidance because of the pending transaction. Liquidity declined over the quarter. Cash and equivalents fell to $358.4 million from $447.5 million, driven by $116.4 million of capital expenditures tied to replacement satellites and the Extended MSS Network. Adjusted free cash flow was $28.9 million, down from $47.6 million, reflecting lower accelerated service fee receipts from the Customer ($7.5 million versus $22.5 million). Total debt principal declined slightly to $403.8 million, and the Merger Agreement increased the maximum High Power Infrastructure Prepayment balance by about $468 million to roughly $1.6 billion.
  4. 8-KGlobalstar 8-K Report, Material Agreement (Apr 14, 2026)On April 13, 2026, Globalstar (GSAT) entered into a definitive Agreement and Plan of Merger with Amazon.com, Inc. under which Amazon will acquire Globalstar through a two-step merger (a First Merger followed by a Second Merger into an Amazon subsidiary LLC). Each Globalstar share may be exchanged for either $90.00 in cash or 0.3210 Amazon shares, subject to a cash proration that caps cash elections at 40% of outstanding shares, a stock-value cap of $90.00 per share if Amazon's 20-day VWAP exceeds $280.38, and a downward adjustment of up to $110 million tied to Globalstar operational milestones paid to Apple. The joint press release cites an implied equity value of roughly $11 billion. Because Thermo entities holding about 57.6% of the common stock delivered a written consent on the same day, stockholder approval is already satisfied and no further stockholder vote is required. The deal still requires an information statement (Schedule 14C) and an Amazon Form S-4 registration statement, HSR and other antitrust, foreign investment, and satellite/telecom clearances, and the achievement of HIBLEO-4 satellite milestones. The transaction is strategically tied to Apple. In a parallel agreement, Amazon Leo will power satellite features for iPhone and Apple Watch models, and Globalstar's Apple-related arrangements were amended. Globalstar and Apple also amended their 2024 Prepayment Agreement, raising the maximum High Power Infrastructure Prepayment Balance by about $468 million to roughly $1.58 billion, and amended the statement of work on service milestones. Amazon will also acquire Apple's interests in Globalstar Licensee LLC immediately after the Second Merger. The deal is expected to close in 2027, and the outside date is April 13, 2027, extendable to October 2027 and April 2028 if regulatory or HIBLEO-4 conditions remain unmet. From a risk perspective, the merger carries significant deal-protection terms. Globalstar owes Amazon a $419.8 million termination fee in specified circumstances, including a termination following a breach and a later alternative transaction within twelve months, while Amazon owes Globalstar $592.1 million if the deal fails because required antitrust, foreign investment, or satellite/telecom clearances are not obtained. The agreement is not subject to a financing condition, and the parties can seek specific performance. Once the written consent was delivered, the Globalstar board lost its ability to change its recommendation or terminate for a superior proposal, which materially limits the prospect of a competing bid. Holders of the Series A perpetual preferred stock will receive a cash liquidating distribution of $1,000 per share plus accrued dividends.
  5. 8-KGlobalstar 8-K Report, Financial Results (Feb 27, 2026)Globalstar (GSAT) reported full-year 2025 results that met its guidance, with total revenue rising 9% to a record $273.0 million (service revenue $257.3 million, subscriber equipment sales $15.7 million). Adjusted EBITDA reached a record $136.1 million, a 50% margin, and the company swung to income from operations of $7.4 million versus a $0.9 million loss in 2024. Net loss narrowed sharply to $8.7 million from $63.2 million, though that comparison is flattered by a large 2024 loss on debt extinguishment and favorable foreign currency and derivative marks in 2025. Fourth-quarter results were more mixed. Revenue grew 18% to $72.0 million, helped by performance bonuses and reimbursed network costs, but Q4 still posted a $0.4 million operating loss and an $11.6 million net loss. Operating expenses rose as the company invested in XCOM RAN, next-generation satellites and ground infrastructure, and Q4 included $1.1 million of tariff-related expense. Management guided 2026 revenue to $280-305 million with an Adjusted EBITDA margin of about 50%. The balance sheet shows heavy capital deployment: capital expenditures were $550.4 million in 2025, property and equipment nearly doubled, and deferred revenue rose sharply (non-current deferred revenue of $806.9 million versus $288.2 million), reflecting prepayments under the updated services agreements. Cash rose to $447.5 million and debt principal declined to $410.0 million. Investors should weigh the strong cash generation and guidance against the execution risk of the satellite replacement and build-out and the dependence on prepayment-driven funding.
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04—See also

Related Companies

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