Globalstar Inc. Reports Strong Third Quarter Results for 2025

Globalstar, Inc. (Nasdaq: GSAT) announced its financial results for the third quarter ended September 30, 2025, showcasing a robust performance driven by strategic initiatives and a growing demand for satellite and terrestrial connectivity solutions. The company reaffirmed its revenue guidance for 2025, projecting total revenues to fall between $260 million and $285 million, alongside an expected Adjusted EBITDA margin of around 50%.

Dr. Paul E. Jacobs, CEO of Globalstar, expressed satisfaction with the company's progress in the third quarter. He attributed the strong financial outcomes to effective execution of the business plan and advancements in their product roadmap. Notable achievements included the expansion of global ground infrastructure, progress on the next-generation C-3 satellite system, and the global launch of a two-way Commercial IoT device. Dr. Jacobs emphasized the growing trust from partners and the increasing demand for Globalstar's innovative connectivity solutions.

"In this exciting time for the satellite connectivity industry, our globally harmonized spectrum presents vast potential," Dr. Jacobs remarked, highlighting the positive market sentiment reflected in recent asset sales with less global coverage.

Globalstar is rapidly enhancing its global ground network, with significant progress reported across Europe, Asia, and North America. This expansion is vital for supporting future service growth and improving network resilience.

The company has successfully advanced its partnership with XCOM through the execution of a new supply agreement and an initial order from a warehouse automation client. This marks a crucial step in transitioning technology into commercialization, building on previous proof-of-concept phases.

The RM200M two-way module has achieved global availability, receiving numerous certifications across key markets. This product is expected to drive further demand, particularly in legacy subscriber devices, which have seen strong sales in sectors such as transportation, energy, and government.

Globalstar announced plans to bring its HIBLEO XL-1 satellite system filing into operational use. This initiative aims to expand operational frequencies and enhance mobile satellite services, which will extend the company's capacity and capabilities in future markets.

Revenue

Total revenue for Q3 2025 amounted to $73.8 million, comprised of $69.6 million from service revenue and $4.2 million from subscriber equipment sales. Service revenue saw a slight increase of $0.7 million year-over-year, primarily driven by higher wholesale capacity services and an uptick in Commercial IoT subscribers. However, this growth was partially offset by declines in Duplex and SPOT service revenues due to subscriber churn.

Income from Operations

The company reported an operating income of $10.2 million, up from $9.4 million in the same period last year. Increased costs associated with enhanced services and personnel were noted, although these were somewhat mitigated by lower stock-based compensation expenses.

Net Income

Globalstar recorded a net income of $1.1 million for Q3 2025, a decrease from $9.9 million in the prior-year quarter. This decline was primarily due to higher interest expenses and foreign currency losses, although a non-cash gain related to derivative assets provided some relief.

Adjusted EBITDA

Adjusted EBITDA for the quarter stood at $37.6 million, down from $42.8 million in Q3 2024. The rise in operating expenses, driven by investments in growth opportunities, contributed to this decrease despite higher revenue.

For the first nine months of 2025, Globalstar reported total revenue of $201.0 million, reflecting a 6% increase compared to the same period in 2024. This growth was supported by an increase in wholesale capacity services and a surge in Commercial IoT subscribers and equipment sales.

The company’s net income for the year-to-date period reached $3.0 million, a significant improvement from a net loss of $12.9 million in 2024, highlighting the positive trajectory of the company's financial performance.

As of September 30, 2025, Globalstar held cash and cash equivalents of $346.3 million, a decrease from $391.2 million at the end of 2024. The decline was mainly due to capital expenditures associated with the company's infrastructure commitments. However, adjusted free cash flow improved to $133.3 million from $74.5 million year-over-year, bolstered by accelerated service payments.

Globalstar has reiterated its financial outlook for 2025, maintaining expectations of total revenue between $260 million and $285 million and an Adjusted EBITDA margin of approximately 50%. The company anticipates minimal impacts from tariffs on its operations.

Globalstar's third quarter results underscore the company's strategic advancements and commitment to innovation within the satellite connectivity market. With an optimistic outlook and strong operational foundations, Globalstar is positioned to capitalize on the growing demand for its services in the coming quarters. The upcoming conference call on November 6, 2025, will provide further insights into the company's performance and future strategies.