01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Globalstar, Inc. reported total revenue of $273.0 milliona 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 millionb 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.
02—Key points
Key Highlights
- Total revenue increased by 9% to $273.0 million in 2025, primarily driven by wholesale capacity services.
- Revenue from the primary customer (likely Apple) represented 63% of total revenue in 2025, highlighting significant customer concentration.
- The company reported a net loss of $8.7 million in 2025, a substantial improvement from a net loss of $63.2 million in 2024.
- Significant capital expenditures continue for the development of the Extended MSS Network, including new satellite constellations and ground infrastructure.
- Commercial IoT service revenue saw a modest increase of 4%, with a notable 50% year-over-year increase in gross subscriber activations.
- SPOT service revenue and Duplex service revenue experienced declines.
- The company has actively managed its debt, with principal debt outstanding decreasing to $410.0 million at the end of 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $272.99M$250.35M | +9.0% |
| R&D Expenses | $6.10M$6.50M | −6.2% |
| SG&A Expenses | $51.43M$43.43M | +18.4% |
| Operating Expenses | $265.56M$251.30M | +5.7% |
| Operating Income | $7.43M-$949K | +882.9% |
| Net Income | -$8.65M-$63.16M | +86.3% |
| EPS (Basic) | $-0.15$-0.59 | +74.6% |
| EPS (Diluted) | $-0.15$-0.59 | +74.6% |
| Shares Outstanding (Basic) | 126.76M125.88M | +0.7% |
| Shares Outstanding (Diluted) | 126.76M125.88M | +0.7% |
05—Questions
Frequently Asked Questions
What is the primary driver of Globalstar's revenue growth in 2025?
Globalstar's revenue growth in 2025 was primarily driven by a significant increase in wholesale capacity services revenue, up 19% year-over-year. This growth is largely attributable to their agreements with a major customer, which accounted for 63% of the company's total revenue in 2025.
What is Globalstar's financial performance like in 2025?
In 2025, Globalstar reported a net loss of $8.7 million, which is a considerable improvement from the $63.2 million net loss in 2024. Total revenue increased by 9% to $273.0 million. The company continues to invest heavily in its infrastructure, which impacts profitability, but the operational improvements and revenue growth are positive indicators.
What are the key risks facing Globalstar?
Key risks include the significant concentration of revenue from a single customer, potential disruptions to satellite operations and ground facilities, the need for timely satellite launches and technological advancements, intense competition in the MSS market, and reliance on key suppliers. Additionally, regulatory changes and global economic conditions can materially impact the business.
What is the company's strategy for future growth?
Globalstar's strategy focuses on continued investment in its Extended MSS Network, including new satellite constellations and ground infrastructure. They are also developing new IoT products, leveraging their terrestrial spectrum solutions, and exploring opportunities to enhance their product offerings and expand their customer base across various sectors like government, transportation, and industrial IoT.
06—Continue