Globalstar, Inc. Annual Report, Year Ended Dec 31, 2025

Globalstar, Inc. reported total revenue of $273.0 million for the year ended December 31, 2025, a 9% increase from the prior year, driven primarily by a 19% rise in wholesale capacity services revenue. This growth was significantly supported by their agreements with a major customer, which accounted for 63% of total revenue in 2025, up from 58% in 2024. Despite the revenue growth, the company posted a net loss of $8.7 million for the year, an improvement from the $63.2 million net loss in 2024. The company continues to invest heavily in its network infrastructure, with significant capital expenditures related to new satellite constellations and ground network expansions to support future services, particularly those under the Updated Services Agreements. Looking ahead, Globalstar's strategic focus includes continued investment in its Extended MSS Network, the development of new IoT products, and the expansion of its terrestrial spectrum solutions. The company's financial health and operational capacity are closely tied to the success of its agreements with its primary customer. While the company has secured significant funding for its network expansion, it also faces ongoing risks related to satellite operations, competition, and regulatory environments.