Globalstar (GSAT) investor relations material

Executive summary

• Achieved record Q3 2025 revenue of $73.8 million, driven by wholesale capacity services and commercial IoT growth, with year-to-date revenue up 6% to $201.0 million.

• Commercial IoT subscriber base grew 6% year-over-year to 543,000, with equipment revenue up 60% from the prior year’s Q3.

• Net income for Q3 2025 was $1.1 million, with year-to-date net income of $3.0 million, compared to a net loss in the prior year.

• Major customer agreements led to significant prepayments and infrastructure investments for network expansion.

• Strategic investments in XCOM and Next Generation products continue, with XCOM RAN gaining traction in new applications.

Financial highlights

• Year-to-date revenue reached $201 million, up 6% year-over-year; service revenue up 6%, equipment revenue up 21%.

• Adjusted EBITDA for Q3 2025 was $37.6 million, with a margin of 51%; year-to-date margin was 52%.

• Operating cash flow for the first nine months was $445.8 million, including $299.6 million from infrastructure prepayment.

• Adjusted free cash flow for the nine months was $133.3 million, up from $74.5 million in the prior year.

• Capital expenditures totaled $485.9 million, reflecting network expansion and satellite construction.

Outlook and guidance

• Reiterated full-year 2025 revenue guidance of $260–$285 million and adjusted EBITDA margin of approximately 50%.

• Expects continued momentum in commercial IoT and wholesale, with new revenue streams from XCOM and Next Generation products.

• Delivery of 17 replacement satellites is expected in early 2026, with launches scheduled for 2026.